Information and liquidity of over-the-counter securities: Evidence from public registration of Rule 144A bonds
Alan Guoming Huang,
Madhu Kalimipalli and
Journal of Financial Markets, 2022, vol. 59, issue PB
We examine the market liquidity effects of enhanced information induced by the public registration of 144 A bonds, a significant and growing segment of the U.S. bond market. Using the regulatory version of TRACE data for the 2002–2013 period, we find that liquidity measures improve consistently for higher ex-ante information asymmetry issues following public registration of 144 A bonds. Our results support that disclosure improves liquidity in the OTC bond market.
Keywords: Rule 144A bond; QIBs; Broker-dealers; Public registration; Liquidity; Information disclosure (search for similar items in EconPapers)
JEL-codes: G12 G14 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finmar:v:59:y:2022:i:pb:s1386418121000379
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