NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Pledgeability and Asset Prices: Evidence from the Chinese Corporate Bond Markets

Hui Chen, Zhuo Chen, Zhiguo He, Jinyu Liu, Rengming Xie

NBER Working Paper No. 26520
Issued in November 2019

---- Acknowledgments ----

We thank Antje Berndt, Jia Chen, Darrell Duffie, Burton Hollifield, Jennifer Huang, Sebastian Infante, Anil Kashyap, Arvind Krishnamurthy, Kai Li, Yang Liu, Francis Longstaff, Konstantin Milbradt, Benjamin Munyan, Dmitry Orlov, Chris Palmer, Jun Pan, Lasse H. Pederson, Jun Qian, Andreas Rapp, Antoinette Schoar, Christopher Sims, Constantine Yannelis, Tao Zha, Xiaoneng Zhu, and participants at Chicago Booth, MIT Sloan, Tsinghua PBC School of Finance, Shanghai Advanced Institute of Finance, CUFE, SWUFE, RUC, ZJU, Guanghua International Symposium on Finance, Finance Down Under, FIRS Annual Meeting, the Fudan Fanhai Summer Conference, MFM Summer School, LAEF OTC Markets Workshop, Erasmus Liquidity Conference, SFS Cavalcade NA, Mitsui Finance Symposium, CICF, CFRC, NBER Summer Institute, FRIC 2019, EFA Annual Meeting, NFA Annual Meeting, and 2019 Greater Bay Area Summer Finance Conference for helpful comments. We thank Tianshu Lyu for excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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