The determinants of trading volume of high-yield corporate bonds

Gordon J. Alexander; Amy K. Edwards; Michael G. Ferri

doi:10.1016/S1386-4181(00)00005-7

The determinants of trading volume of high-yield corporate bonds

Gordon J. Alexander, Amy K. Edwards, Michael G. Ferri

Finance

Research output: Contribution to journal › Article › peer-review

61 Scopus citations

Abstract

This paper examines the trading volume of a sample of high-yield corporate bonds reported on Nasdaq's Fixed Income Pricing System (FIPS). This analysis of volume allows us to better understand the liquidity of debt issues. We demonstrate that the 'mandatory' FIPS issues trade fairly actively. We also conduct tests of the determinants of trading volume and produce evidence that mandatory issues with higher volume tend to be larger, more recently issued, and the obligations of firms without publicly traded equity.

Original language	English (US)
Article number	37
Pages (from-to)	177-204
Number of pages	28
Journal	Journal of Financial Markets
Volume	3
Issue number	2
DOIs	https://doi.org/10.1016/S1386-4181(00)00005-7
State	Published - 2000

Bibliographical note

Copyright:
Copyright 2017 Elsevier B.V., All rights reserved.

Keywords

FIPS
G10
G18
High-yield bonds
Liquidity
Transparency
Volume

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KW - Liquidity

KW - Transparency

KW - Volume

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The determinants of trading volume of high-yield corporate bonds

Abstract

Bibliographical note

Keywords

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