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SUMMARY:Dealer Inventory\, Short Interest and Price Efficiency in the Corp
 orate Bond Market
DTSTART:20191001T103000
DTEND:20191001T120000
DTSTAMP:20260916T034806Z
UID:eef689107014fbd3cd437996c22bc58b91671c7cb5bb198024f74b59
CATEGORIES:Conferences - Seminars
DESCRIPTION:Antje BERNDT\, Australian National University (ANU)\nWe propos
 e an equilibrium model of over-the-counter corporate bond trading with sho
 rt selling\, asymmetric information and dealer inventory costs. The model 
 predicts that higher inventory costs impose implicit short-sale constraint
 s and are thus associated with lower price efficiency. We construct bond-l
 evel proxies for inventory costs and provide empirical evidence in support
  of the model's prediction. Our findings suggest that tighter post-GFC reg
 ulation may have had unintended consequences for corporate bond market qua
 lity.\n 
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
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