We study the informational value of trading networks in over-the-counter (OTC) markets. Using detailed transaction-level data from the corporate bond market, we show that investors with larger dealer trading networks make superior trading decisions …
This paper examines which municipal disclosures provide informational value to investors. Using the entire universe of post-issuance financial and event disclosures from 2009 to 2022, we find that most municipal bonds do not trade in the week of -- …
We study how global changes in information acquisition costs affect price informativeness. To provide evidence on this issue, we examine worldwide adoptions of centralized electronic disclosure systems. Despite broadening the dissemination of …