Pub Date : 2022-05-13DOI: 10.1108/cfri-02-2022-0013
Brittany Cole, M. Goldstein, S. Moser, R. Van Ness
PurposeIn this paper, the authors document the existence of price clustering in the US corporate bond market.Design/methodology/approachUsing a sample of 8,422,593 corporate bond trades in 2014, the authors find that over 18% (1,522,284 trades) of all bond trades end in a clustered price, defined as a price ending in 00, 25, 50, or 75.FindingsOverall, the authors find that both bond rating category and risk, as measured by standard deviation of prices, play a role in price clustering; speculative grade bonds account for the majority of clustered prices. Clustered prices are more likely to have higher coupon rates, higher prices, and higher standard deviations of price than bonds with non-clustered prices. Regardless of size, both buy and sell dealer trades with customers (relative to interdealer trading) lead to an increase in price clustering. Dealers appear to use clustered prices when purchasing from and selling to institutions and, therefore, may use a clustered price to insulate themselves from the risk of asymmetric information. Additionally, the prevalence of clustered prices for retail-sized dealer sell trades suggests that dealers exercise dealer power over retail-sized traders.Originality/valueThis paper contributes to the literature on price clustering by examining trade price clustering of corporate bonds. It is different from previous papers on price clustering in equities. Given that bonds tend to be priced off of yield, it is unusual that trade prices cluster. It also demonstrates what kind of bonds cluster and with which customers dealers trade at clustered prices. It parallels other research in demonstrating dealer power over retail-sized traders.
{"title":"Trade price clustering in the corporate bond market","authors":"Brittany Cole, M. Goldstein, S. Moser, R. Van Ness","doi":"10.1108/cfri-02-2022-0013","DOIUrl":"https://doi.org/10.1108/cfri-02-2022-0013","url":null,"abstract":"PurposeIn this paper, the authors document the existence of price clustering in the US corporate bond market.Design/methodology/approachUsing a sample of 8,422,593 corporate bond trades in 2014, the authors find that over 18% (1,522,284 trades) of all bond trades end in a clustered price, defined as a price ending in 00, 25, 50, or 75.FindingsOverall, the authors find that both bond rating category and risk, as measured by standard deviation of prices, play a role in price clustering; speculative grade bonds account for the majority of clustered prices. Clustered prices are more likely to have higher coupon rates, higher prices, and higher standard deviations of price than bonds with non-clustered prices. Regardless of size, both buy and sell dealer trades with customers (relative to interdealer trading) lead to an increase in price clustering. Dealers appear to use clustered prices when purchasing from and selling to institutions and, therefore, may use a clustered price to insulate themselves from the risk of asymmetric information. Additionally, the prevalence of clustered prices for retail-sized dealer sell trades suggests that dealers exercise dealer power over retail-sized traders.Originality/valueThis paper contributes to the literature on price clustering by examining trade price clustering of corporate bonds. It is different from previous papers on price clustering in equities. Given that bonds tend to be priced off of yield, it is unusual that trade prices cluster. It also demonstrates what kind of bonds cluster and with which customers dealers trade at clustered prices. It parallels other research in demonstrating dealer power over retail-sized traders.","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":" ","pages":""},"PeriodicalIF":8.2,"publicationDate":"2022-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44344681","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
How and why do we hear particular timbres as representative of particular historical moments, or even as heralds of epochal historical change? Do particular eras really have a signature sound, and, if so, how do we access the musical past and characterize its tone? Is the sound of an era an ontological reality, unfolding in the present, or can it be grasped and narrated only after the fact? (p. )
{"title":"Circuit Listening: Chinese Popular Music in the Global 1960s by Andrew F. Jones (review)","authors":"A. Field","doi":"10.1353/cri.2020.0011","DOIUrl":"https://doi.org/10.1353/cri.2020.0011","url":null,"abstract":"How and why do we hear particular timbres as representative of particular historical moments, or even as heralds of epochal historical change? Do particular eras really have a signature sound, and, if so, how do we access the musical past and characterize its tone? Is the sound of an era an ontological reality, unfolding in the present, or can it be grasped and narrated only after the fact? (p. )","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":"82 1","pages":"37 - 43"},"PeriodicalIF":8.2,"publicationDate":"2022-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83989560","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Between Disaster, Punishment, and Blame: The Semantic Field of Guilt in Early Chinese Texts by Thomas Crone (review)","authors":"Michael Nylan","doi":"10.1353/cri.2020.0002","DOIUrl":"https://doi.org/10.1353/cri.2020.0002","url":null,"abstract":"","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":"7 1","pages":"3 - 7"},"PeriodicalIF":8.2,"publicationDate":"2022-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91357822","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"A Third Way: The Origins of China’s Current Economic Development Strategy by Lawrence C. Reardon (review)","authors":"Taomo Zhou","doi":"10.1353/cri.2020.0018","DOIUrl":"https://doi.org/10.1353/cri.2020.0018","url":null,"abstract":"","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":"52 1","pages":"65 - 68"},"PeriodicalIF":8.2,"publicationDate":"2022-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74891427","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Becoming Activists in Global China is the first purely sociological study of the religious movement Falun Gong and its resistance to the Chinese state. The literature on Chinese protest has intensively studied the 1989 democracy movement while largely ignoring opposition by the Falun Gong, even though the latter has beenmore enduring. This comparative study explains why the Falun Gong protest took off in diaspora and the democracy movement did not. Using multiple methods, Becoming Activists in Global China explains how Falun Gong’s roots in proselytizing and its ethic of volunteerism provided the launch pad for its political mobilization. Simultaneously, diaspora democracy activists adopted practices that effectively discouraged grassroots participation. The study also shows how the policy goal of eliminating Falun Gong helped shape today’s security-focused Chinese state. Explaining the Falun Gong’s two decades of protest illuminates a suppressed piece of Chinese contemporary history and advances our knowledge of how religious and political movements intersect.
{"title":"Becoming Activists in Global China: Social Movements in the Chinese Diaspora by Andrew Junker (review)","authors":"Yuting Wang","doi":"10.1353/cri.2020.0012","DOIUrl":"https://doi.org/10.1353/cri.2020.0012","url":null,"abstract":"Becoming Activists in Global China is the first purely sociological study of the religious movement Falun Gong and its resistance to the Chinese state. The literature on Chinese protest has intensively studied the 1989 democracy movement while largely ignoring opposition by the Falun Gong, even though the latter has beenmore enduring. This comparative study explains why the Falun Gong protest took off in diaspora and the democracy movement did not. Using multiple methods, Becoming Activists in Global China explains how Falun Gong’s roots in proselytizing and its ethic of volunteerism provided the launch pad for its political mobilization. Simultaneously, diaspora democracy activists adopted practices that effectively discouraged grassroots participation. The study also shows how the policy goal of eliminating Falun Gong helped shape today’s security-focused Chinese state. Explaining the Falun Gong’s two decades of protest illuminates a suppressed piece of Chinese contemporary history and advances our knowledge of how religious and political movements intersect.","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":"162 12 1","pages":"43 - 46"},"PeriodicalIF":8.2,"publicationDate":"2022-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84292142","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Dictatorship by Degrees: Xi Jinping in China by Steven P. Feldman (review)","authors":"John H. Sagers","doi":"10.1353/cri.2020.0006","DOIUrl":"https://doi.org/10.1353/cri.2020.0006","url":null,"abstract":"","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":"28 1","pages":"17 - 20"},"PeriodicalIF":8.2,"publicationDate":"2022-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74383884","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Way and Its Powers. An Ethnographic Account of Taoist Practice and Religious Authority in Northern Taiwan by Yves Menheere (review)","authors":"Jan De Meyer","doi":"10.1353/cri.2020.0016","DOIUrl":"https://doi.org/10.1353/cri.2020.0016","url":null,"abstract":"","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":"12 1","pages":"58 - 61"},"PeriodicalIF":8.2,"publicationDate":"2022-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85790168","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Cultivating a Good Life in Early Chinese and Ancient Greek Philosophy: Perspectives and Reverberations ed. by Karyn Lai, Rick Benitez and Hyun Jin Kim (review)","authors":"Rohan Sikri","doi":"10.1353/cri.2020.0014","DOIUrl":"https://doi.org/10.1353/cri.2020.0014","url":null,"abstract":"","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":"44 1","pages":"49 - 55"},"PeriodicalIF":8.2,"publicationDate":"2022-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91197399","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Confucianism and Sacred Space: The Confucian Temple from Imperial China to Today by Chin-shing Huang (review)","authors":"D. Sommer","doi":"10.1353/cri.2020.0010","DOIUrl":"https://doi.org/10.1353/cri.2020.0010","url":null,"abstract":"","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":"20 1","pages":"32 - 36"},"PeriodicalIF":8.2,"publicationDate":"2022-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88348743","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Underglobalization: Beijing’s Media Urbanism and the Chimera of Legitimacy by Joshua Neves (review)","authors":"H. Ren","doi":"10.1353/cri.2020.0017","DOIUrl":"https://doi.org/10.1353/cri.2020.0017","url":null,"abstract":"","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":"15 1","pages":"61 - 65"},"PeriodicalIF":8.2,"publicationDate":"2022-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75272348","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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