Regulation and Market Liquidity
研究了后危机时期金融监管（多德-弗兰克法案和巴塞尔协议III）对美国固定收益市场流动性的影响，发现监管干预期间流动性并未恶化，反而常出现流动性改善。
We examine the effects of postcrisis financial regulation, encompassing the Dodd–Frank Act and Basel III, on market liquidity of the U.S. fixed-income market. We estimate structural breaks in a large panel of liquidity measures of corporate and Treasury bonds. Our methodology does not require a priori knowledge of the timing of breaks, can capture not only sudden jumps but also breaks in slow-moving trends, and displays excellent power properties. Against the popular claim that postcrisis regulation hurt liquidity, we find no evidence of liquidity deterioration during periods of regulatory intervention. Instead, breaks toward higher liquidity are often detected. The online appendix is available at https://doi.org/10.1287/mnsc.2017.2876.