[STBI-191002] Regulations in the U.S. and Bond Market Liquidity

Dear professors, lecturers, researchers, colleagues, and students, You are cordially invited to the next UEH School of Economics STBI (Small Talks Big Ideas) seminar. Topic: "Regulations in the U.S. and Bond Market Liquidity" Presenter: Ho Thi Nam Phuong (Victoria University of Wellington) Time: 11:00 – Wednesday, 02 October, 2019 Venue: Room H.001, Campus H, UEH

Start

10/02/2019 - 11:00 am

End

10/02/2019 - 12:00 am

Address

1A Hoàng Diệu, Phú Nhuận, HCM   View map

Dear professors, lecturers, researchers, colleagues, and students,

You are cordially invited to the next UEH School of Economics STBI (Small Talks Big Ideas) seminar.

Topic:Regulations in the U.S. and Bond Market Liquidity”

Presenter: Ho Thi Nam Phuong (Victoria University of Wellington)

Time: 11:00 – Wednesday, 02 October, 2019

Venue: Room H.001, Campus H, UEH School of Economics, 1A Hoang Dieu, Phu Nhuan District, Ho Chi Minh City

Language: Vietnamese

Abstract: 

This paper investigates the impacts of financial regulations on bond market liquidity, focusing on the U.S. regulations such as the Dodd-Frank Act and the Volcker Rule. Our analysis at market level and bond level suggest that the mentioned regulations do not harm the liquidity of the bond market as a whole. It is evident that the regulations actually improve the bond market liquidity, especially for investment grade bonds. Non-investment grade bonds are not affected by changes in regulations. These findings are also evident in the event study of announcement effects regarding regulations milestones. The analysis also suggests that the transaction costs are affected by the changes in regulations more than the price impacts. Additionally, the event study indicates that the anticipation of regulatory changes do lead to lower liquidity but these impacts only occur for big milestones and eventually die out.


About the presenter: Ho Thi Nam Phuong is a recent graduate from Victoria University of Wellington with First Class Honours in Finance. She is now a teaching assistant at the VUW Ho Chi Minh City campus while participating in other research projects about corporate governance and market micro-structure.

MORE DETAIL

Website

https://vnp.edu.vn

Email

info@vnp.edu.vn

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