Abstract
Recent research in The Journal of Portfolio Management investigates whether the introduction of TRACE—the US corporate bond pricing program run by the Financial Industry Regulatory Authority (FINRA) —has improved bond-valuation precision and price transparency.
This report highlights the practical applications of the research findings. It is based on an in-depth interview with co-author John Merrick, Jr . of the College of William and Mary Raymond A. Mason School of Business .“ Our story here is that market transparency matters, in terms of improving valuations,” he says.
Merrick and his co-authors, Gjergji Cici and Scott Gibson , (colleagues at the College of William and Mary), and Yalin Gündüz (of Deutsche Bundesbank ), present their findings in Market Transparency and the Marking Precision of Bond Mutual Fund Managers .
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