We use a unique dataset of corporate bonds guaranteed by the full faith and credit of the U.S. to test a number of recent theories about why asset prices may diverge from fundamental values. These models emphasize the role of funding liquidity, slow-moving capital, the leverage of financial...

We use a unique sample of corporate bonds guaranteed by the full faith and credit of the U.S. to test recent theories about why asset prices may diverge from fundamental values. These theories emphasize the role of funding liquidity, slow-moving capital, and the leverage of financial...

We use a unique dataset of corporate bonds guaranteed by the full faith and credit of the U.S. to test a number of recent theories about why asset prices may diverge from fundamental values. These models emphasize the role of funding liquidity, slow-moving capital, the leverage of financial...