Aller au contenu principal
A propos d'HEC A propos d'HEC Faculté et Recherche Faculté et Recherche Grande Ecole
& Masters Grande Ecole
& Masters
MBA Programs MBA Programs Programme PhD Programme PhD Executive Education Executive Education Summer School Summer School HEC Online HEC Online
A propos d'HEC En bref En bref Qui sommes-nous ? Qui sommes-nous ? Egalité des chances Egalité des chances HEC Talents HEC Talents International International Vie du campus Vie du campus Développement durable Développement durable Diversité et inclusion Diversité et inclusion Stories Stories Fondation HEC Fondation HEC Coronavirus Coronavirus Faculté et Recherche À propos À propos Corps professoral Corps professoral Départements Départements Centres Centres Chaires Chaires Knowledge Knowledge Grande Ecole
& Masters
Grande Ecole
Master in Management Grande Ecole
Master in Management
Master in International
Finance Master in International
Finance
MS
et Masters MS
et Masters
Programmes Ecole
Polytechnique-HEC Programmes Ecole
Polytechnique-HEC
Doubles Diplômes
en Admission directe Doubles Diplômes
en Admission directe
Visiting
students Visiting
students
Certificats Certificats Vie
Etudiante Vie
Etudiante
MBA Programs MBA MBA Executive MBA Executive MBA TRIUM EMBA TRIUM EMBA Programme PhD Overview Overview HEC Difference HEC Difference Program details Program details Research areas Research areas HEC Community HEC Community Placement Placement Job Market Job Market Admissions Admissions Financing Financing Executive Education Executive Masters Executive Masters Certificats Executive Certificats Executive Programmes courts Executive Programmes courts Executive Online Online Entreprises Entreprises Executive MBA Executive MBA Infinity Pass Infinity Pass Summer School Youth programs Youth programs Summer programs Summer programs HEC Online En bref En bref Programme diplômant Programme diplômant Certificats Executive Certificats Executive MOOCs MOOCs Summer Programs Summer Programs
Faculté et Recherche

All-to-All Liquidity in Corporate Bonds - Terrence Hendershot

12 Mai
2022
15H00
Jouy-en-Josas
Anglais

Participer

Ajouter au calendrier
2022-05-12T15:00:00 2022-05-12T16:00:00 All-to-All Liquidity in Corporate Bonds - Terrence Hendershot Finance Speaker : Terrence Hendershot (Berkeley University)   Jouy-en-Josas

Finance

Speaker : Terrence Hendershot (Berkeley University)

We examine technology enabling dispersed investors to directly trade with each other in over-thecounter markets. The largest electronic trading platform in corporate bonds started Open Trading (OT) to allow investor-to-investor trading. Over our 2014-2018 sample OT grew to win 12% of trades on the platform, with 2% being investor-to-investor trading, 3% being dealers trading with new clients, and 7% being new liquidity providers acting like dealers. This suggests that investors in corporate bonds prefer intermediation to direct trade. However, OT can enable new dealers to compete in liquidity provision. We use an auction model together with OT's steady growth to measure OT's e ect on investors, dealers, and competition to provide liquidity.

Cliquez ici pour télécharger le papier

Participer

Ajouter au calendrier
2022-05-12T15:00:00 2022-05-12T16:00:00 All-to-All Liquidity in Corporate Bonds - Terrence Hendershot Finance Speaker : Terrence Hendershot (Berkeley University)   Jouy-en-Josas