Do banks and industrial companies have equal access to reputable underwriters in debt markets?
Allbwn ymchwil: Cyfraniad at gyfnodolyn › Erthygl › adolygiad gan gymheiriaid
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- 2017 Do banks and industrial companies
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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 wreiddiol | Saesneg |
---|---|
Tudalennau (o-i) | 176-202 |
Cyfnodolyn | Journal of Corporate Finance |
Cyfrol | 45 |
Dyddiad ar-lein cynnar | 27 Ebr 2017 |
Dynodwyr Gwrthrych Digidol (DOIs) | |
Statws | Cyhoeddwyd - Awst 2017 |
Cyfanswm lawlrlwytho
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