CORDIS Project
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This project investigates the structure of secondary markets for corporate debt, focusing on the reasons behind the prevalence of over-the-counter trading. It explores how market structure influences firm financing decisions, particularly regarding debt maturity.
Unlike equities, corporate debt claims are currently mostly traded in over-the-counter (OTC) markets.
Since the OTC nature of the market decreases price transparency, increases transaction costs, and increases the time it takes to find a matching counterparty for a trade, there is a fundamental economic question as to why an apparently imperfect matching technology (OTC trade) can arise in equilibrium when a better matching technology (organized exchanges) exists.
This is puzzling because some c…
CITY UNIVERSITY OF LONDON
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