How Firms Use Domestic and International Corporate Bond Markets
This paper provides the first comprehensive documentation of how firms use domestic and international corporate bond markets. Debt issues in domestic and international markets have different characteristics, not explained by differences across firm...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2012/09/16763181/firms-use-domestic-international-corporate-bond-markets http://hdl.handle.net/10986/12048 |
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okr-10986-120482021-04-23T14:02:59Z How Firms Use Domestic and International Corporate Bond Markets Gozzi, Juan Carlos Levine, Ross Martinez Peria, Maria Soledad Schmukler, Sergio L. ACCESS TO DOMESTIC AND INTERNATIONAL MARKETS CORPORATE BOND MARKETS FINANCIAL INTEGRATION FINANCIAL SERVICES FRICTIONS This paper provides the first comprehensive documentation of how firms use domestic and international corporate bond markets. Debt issues in domestic and international markets have different characteristics, not explained by differences across firms or countries. International issues tend to be larger, of shorter maturity, denominated in foreign currency, include more fixed rate contracts, and entail lower yields. These patterns remain when analyzing issues by firms from countries with more developed domestic markets and higher financial integration, and even when comparing issues conducted by the same firm in different markets. These findings are consistent with the views that (1) frictions limit the ability of investors and firms to enter into certain contracts in certain markets, (2) domestic and international markets provide distinct financial services and firms use them as complements, and (3) firms with access to domestic and international markets enjoy advantages relative to those that rely solely on domestic markets. 2013-01-02T21:03:43Z 2013-01-02T21:03:43Z 2012-09 http://documents.worldbank.org/curated/en/2012/09/16763181/firms-use-domestic-international-corporate-bond-markets http://hdl.handle.net/10986/12048 English en_US Policy Research Working Paper; No. 6209 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCESS TO DOMESTIC AND INTERNATIONAL MARKETS CORPORATE BOND MARKETS FINANCIAL INTEGRATION FINANCIAL SERVICES FRICTIONS |
| spellingShingle |
ACCESS TO DOMESTIC AND INTERNATIONAL MARKETS CORPORATE BOND MARKETS FINANCIAL INTEGRATION FINANCIAL SERVICES FRICTIONS Gozzi, Juan Carlos Levine, Ross Martinez Peria, Maria Soledad Schmukler, Sergio L. How Firms Use Domestic and International Corporate Bond Markets |
| relation |
Policy Research Working Paper; No. 6209 |
| description |
This paper provides the first
comprehensive documentation of how firms use domestic and
international corporate bond markets. Debt issues in
domestic and international markets have different
characteristics, not explained by differences across firms
or countries. International issues tend to be larger, of
shorter maturity, denominated in foreign currency, include
more fixed rate contracts, and entail lower yields. These
patterns remain when analyzing issues by firms from
countries with more developed domestic markets and higher
financial integration, and even when comparing issues
conducted by the same firm in different markets. These
findings are consistent with the views that (1) frictions
limit the ability of investors and firms to enter into
certain contracts in certain markets, (2) domestic and
international markets provide distinct financial services
and firms use them as complements, and (3) firms with access
to domestic and international markets enjoy advantages
relative to those that rely solely on domestic markets. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Gozzi, Juan Carlos Levine, Ross Martinez Peria, Maria Soledad Schmukler, Sergio L. |
| author_facet |
Gozzi, Juan Carlos Levine, Ross Martinez Peria, Maria Soledad Schmukler, Sergio L. |
| author_sort |
Gozzi, Juan Carlos |
| title |
How Firms Use Domestic and International Corporate Bond Markets |
| title_short |
How Firms Use Domestic and International Corporate Bond Markets |
| title_full |
How Firms Use Domestic and International Corporate Bond Markets |
| title_fullStr |
How Firms Use Domestic and International Corporate Bond Markets |
| title_full_unstemmed |
How Firms Use Domestic and International Corporate Bond Markets |
| title_sort |
how firms use domestic and international corporate bond markets |
| publisher |
World Bank, Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2012/09/16763181/firms-use-domestic-international-corporate-bond-markets http://hdl.handle.net/10986/12048 |
| _version_ |
1764418858388553728 |