This paper provides evidence that disclosing corporate bond investors' transaction costs (markups) affects the size of the markups. Until recently, markups were embedded in the reported transaction price and not explicitly disclosed. Without explicit disclosure, investors can estimate their markups using executed transaction prices. However, estimating markups imposes information processing costs on investors, potentially creating information asymmetry between unsophisticated investors and bond‐market professionals. We explore changes in markups after bond‐market professionals were required to explicitly disclose the markup on certain retail trade confirmations. We find that markups decline for trades that are subject to the disclosure requirement relative to those that are not. The findings are pronounced when constraints on investors' information processing capacity limit their ability to be informed about their markups without explicit disclosure.

中文翻译：

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从隐式到显式：披露要求对隐藏交易成本的影响

本文提供的证据表明，披露公司债券投资者的交易成本（加价幅度）会影响加价幅度。直到最近，加价仍被嵌入到报告的交易价格中，并且没有明确披露。无需明确披露，投资者即可使用已执行的交易价格估算其加价幅度。但是，估计加价会给投资者带来信息处理成本，从而可能在不成熟的投资者和债券市场专业人员之间造成信息不对称。在债券市场专业人士被要求在某些零售贸易确认书上明确披露加价之后，我们探索加价的变化。我们发现，受制于披露要求的交易的加价幅度相对于未受披露要求的交易而言。当限制投资者