In over-the-counter (OTC) markets, customers search for counterparties. Little is known about this process, however, because existing data is comprised of transaction records, which are only informative about the end of a successful search. Leveraging data from the leading trading platform for...

We study the impact of the 1933 abrogation of gold clauses on the slow recovery of corporate investment following the Great Depression. Legal challenges to the constitutionality of abrogating gold clauses exposed many firms to the possibility of a 69% increase in required payments to...

This paper shows that centralizing the US corporate bond market would yield large gains in efficiency. By studying two markets where corporate bonds are successfully traded on central limit order books, I estimate that the transaction costs of US corporate bonds would decrease by 70% on average...