Yesha Yadav, professor of law at Vanderbilt University, joins the Business Scholarship Podcast to discuss her article The Broken Bond Market, which she co-authored with Jonathan Brogaard, professor of finance at the University of Utah. In this article, Yadav and Brogaard observe an inverse relationship between bond liquidity and governance bespokeness, which forces a tradeoff between tradability and investor protection. They recommend private-ordering solutions to reduce this dichotomy.