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propensity score matching on the estimated probability of eligibility; predictable dollar-roll volume before settlement used as exogenous variation in TBA volume; dealer-level inventory regressions",28 "key_assumptions": [29 "Trading costs vary smoothly in LTV except for the eligibility threshold",30 "Observable pool characteristics capture selection into eligibility",31 "Predicted dollar roll volume is exogenous to SP liquidity"32 ],33 "threats_addressed": [34 "Characteristics associated with TBA eligibility, rather than eligibility itself, driving liquidity",35 "Endogeneity of TBA trading volume"36 ],37 "causal_language_strength": 3,38 "uses_causal_claim": true39 },40 "abstract_moves": {41 "question": {42 "present": false,43 "sentence_index": -144 },45 "gap": {46 "present": false,47 "sentence_index": -148 },49 "method": {50 "present": false,51 "sentence_index": -152 },53 "results": {54 "present": true,55 "sentence_index": 256 },57 "magnitude": {58 "present": false,59 "sentence_index": -160 },61 "contribution": {62 "present": true,63 "sentence_index": 364 }65 },66 "introduction": {67 "moves": [68 {69 "paragraph_index": 0,70 "move": "motivation"71 },72 {73 "paragraph_index": 0,74 "move": "tension_or_puzzle"75 },76 {77 "paragraph_index": 1,78 "move": "mechanism_or_theory_sketch"79 },80 {81 "paragraph_index": 1,82 "move": "related_literature_positioning"83 },84 {85 "paragraph_index": 2,86 "move": "contribution_statement"87 },88 {89 "paragraph_index": 2,90 "move": "preview_of_approach"91 },92 {93 "paragraph_index": 2,94 "move": "preview_of_results"95 },96 {97 "paragraph_index": 3,98 "move": "preview_of_results"99 },100 {101 "paragraph_index": 4,102 "move": "policy_or_broader_implication"103 },104 {105 "paragraph_index": 5,106 "move": "roadmap"107 }108 ],109 "contribution_paragraph_index": 2,110 "contribution_types": [111 "new_evidence"112 ],113 "roadmap_present": true,114 "literature_positioning_location": "inside_introduction"115 },116 "section_roles": [117 {118 "idx": 0,119 "role": "introduction"120 },121 {122 "idx": 1,123 "role": "other"124 },125 {126 "idx": 2,127 "role": "data"128 },129 {130 "idx": 3,131 "role": "results"132 },133 {134 "idx": 4,135 "role": "results"136 },137 {138 "idx": 5,139 "role": "results"140 },141 {142 "idx": 6,143 "role": "results"144 },145 {146 "idx": 7,147 "role": "conclusion"148 }149 ],150 "results_presentation": {151 "economic_significance_discussed": true,152 "statistical_significance_language": "unclear",153 "magnitude_statements_in_intro": false154 },155 "robustness": {156 "location": "none_seen",157 "types": []158 },159 "tables": {160 "convention_notes": "Notes specify the regression equation, sample construction and variable definitions; 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It positions itself against prior trading-cost studies and previews the hedging result and a policy implication for bond markets. After institutional background and data sections, the results proceed in steps: trading-cost benchmarks, then the causal effect of eligibility using RD and matching, then spillovers using predictable dollar-roll volume, then evidence on dealer hedging and prearranged trades. The conclusion restates findings and proposes forward markets for municipal and corporate bonds.",221 "writing_profile_keywords": [222 "institutional detail",223 "OTC liquidity",224 "TRACE data",225 "regression discontinuity",226 "propensity score matching",227 "dealer hedging",228 "policy extension"229 ],230 "confidence": 0.8,231 "notes": "Robustness checks are not visible in the excerpts. Standard-error treatment is not described in the excerpts. 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