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首页> 外文期刊>IBIMA Communications >Comparisons Between Transparency In The United States of America(US) Corporate Bond Market and European Corporate Bond Market: Criticisms of Transparency In US Markets From European Markets Perspective
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Comparisons Between Transparency In The United States of America(US) Corporate Bond Market and European Corporate Bond Market: Criticisms of Transparency In US Markets From European Markets Perspective

机译：美国公司债券市场和欧洲公司债券市场的透明度之间的比较：从欧洲市场的角度对美国市场透明度的批评

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摘要

This paper investigates the differences between the impacts of transparency in the US and European Corporate Bond Markets by studying the criticisms of transparency in the US markets from European markets perspective. The study makes two assumptions namely as the level of understanding on transparency in the European market increase; the spreads decrease and the volume of trading do not decrease. Then the study construct a regression on the data sets on all of subset of the European market selected that consists of the average best bid-ask spread (presented in proportional spread) and the number of trading volumes. The results from methodology are giving favorable results or advantages of implementation of transparency that is consistent with the phenomenon experienced by US corporate bond markets. Thus, it can be concluded that it would be optimal to introduce transparency in the markets but with some limited post-trade transparency.
机译：本文通过从欧洲市场的角度研究美国市场对透明度的批评，研究了美国和欧洲公司债券市场的透明度影响之间的差异。该研究提出了两个假设，即随着对欧洲市场透明度的了解程度的提高;点差减少，交易量不减少。然后，该研究根据所选欧洲市场所有子集的数据集构建了回归，该回归集包括平均最佳买卖差价（以比例差表示）和交易量的数量。方法论的结果为实施透明度提供了有利的结果或优势，这与美国公司债券市场所经历的现象一致。因此，可以得出结论，在市场中引入透明度，但在交易后的透明度有限的情况下是最佳的。

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