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All Journal International Journal of Business and Social Science Research
Brittany M. Cole
Unknown Affiliation
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences

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The Value of Corporate Bond Listing Brittany M. Cole; Nell S. Gullett
International Journal of Business and Social Science Research Vol. 5 No. 3 (2024): Vol. 5 No. 3 (2024): March (IJBSSR)
Publisher : The Institute of Academic Research and Publication (IARP)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47742/ijbssr.v5n3p1

Abstract

We study the impact of bond exchange listing in U.S. publicly traded corporate bond markets. We find that listed corporate bonds have lower estimated bid-ask spreads than unlisted corporate bonds. Specifically, we show that listed bonds have estimated spreads of $0.14 lower than unlisted bond spreads. We find that execution venue matters for listed bonds, and that listed bond executions on the NYSE have higher trading costs than listed bond executions off-NYSE. We show that listed bonds are more volatile than unlisted bonds. Last, we study bond trading around earnings announcements and find a slight increase (decrease) in overall (institutional) volume on earnings announcement days compared to non-announcement days.
Co-Authors Nell S. Gullett