The value of trading relations in turbulent times

被引：84

作者：

Di Maggio, Marco ^{[1
,2
]}

Kermani, Amir ^{[2
,3
]}

Song, Zhaogang ^{[4
]}

机构：

[1] Harvard Sch Business, Baker Lib 265,Soldiers Field, Boston, MA 02163 USA

[2] Natl Bur Econ Res, Cambridge, MA 02138 USA

[3] Univ Calif Berkeley, 545 Student Serv Bldg 1900, Berkeley, CA 94720 USA

[4] John Hopkins Carey Business Sch, 100 Int Dr, Baltimore, MD 21202 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2017年 / 124卷 / 02期

关键词：

Corporate bond; Dealer network; Intermediation chain; Over-the-counter financial market; Trading relationship; THE-COUNTER MARKETS; ASYMMETRIC INFORMATION; FINANCIAL NETWORKS; SYSTEMIC RISK; BOND ISSUES; LIQUIDITY; COSTS; INTERMEDIATION; TRANSPARENCY; AFTERMARKET;

D O I：

10.1016/j.jfineco.2017.01.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates how dealers' trading relations shape their trading behavior in the corporate bond market. Dealers charge lower spreads to dealers with whom they have the strongest ties and more so during periods of market turmoil. Systemically important dealers exploit their connections at the expense of peripheral dealers as well as clients, charging higher markups than to other core dealers. Also, intermediation chains lengthened by 20% following the collapse of a flagship dealer in 2008 and even more for institutions strongly connected to this dealer. Finally, dealers drastically reduced their inventory during the crisis. (C) 2017 Elsevier B.V. All rights reserved.

引用

页码：266 / 284

页数：19

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