The Market for Borrowing Corporate Bonds
利用一家大型贷款机构的全面数据，描述了公司债券借贷市场，发现借贷成本与股票相当（10-20个基点），且随时间下降；债券卖空者无私有信息，有信用违约互换的债券更活跃，2007年信贷紧缩未影响平均成本但增加了波动。
This paper describes the market for borrowing corporate bonds using a comprehensive data set from a major lender. The cost of borrowing corporate bonds is comparable to the cost of borrowing stock, between 10 and 20 basis points, and both have fallen over time. Factors that influence borrowing costs are loan size, percentage of inventory lent, rating, and borrower identity. There is no evidence that bond short sellers have private information. Bonds with Credit Default Swaps (CDS) contracts are more actively lent than those without. Finally, the 2007 Credit Crunch does not affect average borrowing costs or loan volume, but does increase borrowing cost variance.