Fersiynau electronig

Dogfennau

Dangosydd eitem ddigidol (DOI)

We analyze whether banks and industrial companies have equal access to debt markets through reputable underwriters and explore the determinants of that matching for both types of firms. Using a sample of European corporate bonds during the years 2003-2013, we find that the odds of matching with a reputable underwriter were about 1.5 times greater for non-financial companies than for banks. The odds of matching with a reputable underwriter were 10.92 times lower for a bank during the crisis. As for the determinants of the matching probability, the marginal effect of the bond size on the matching probability is 1.70 larger for non-financial firms than for banks. Furthermore, the effect of bond size is greater for large non-financial companies than for large banks while the effect of maturity is larger for banks than for non-financial companies.

Allweddeiriau

Iaith wreiddiolSaesneg
Tudalennau (o-i)176-202
CyfnodolynJournal of Corporate Finance
Cyfrol46
Dyddiad ar-lein cynnar27 Ebr 2017
Dynodwyr Gwrthrych Digidol (DOIs)
StatwsCyhoeddwyd - Awst 2017

Cyfanswm lawlrlwytho

Nid oes data ar gael
Gweld graff cysylltiadau