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Bond market development in Asia : an empirical analysis of major determinants
Bhattacharyay, Biswanath - 2011
currency and foreign currency liquidity in the corporate sector, as foreign banks withdrew investments from Asia. Furthermore …, Asia needs large quantities of capital (US$750 billion per year for 2010-2020) to develop infrastructure connectivity … Asia include the size of an economy, the stage of economic development, the openness of an economy, the size of the banking …
Persistent link: https://www.econbiz.de/10009267743
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Developing Asian local currency bond markets : why and how?
Spiegel, Mark - 2009
This paper examines the motivation for, and the success of, regional efforts in Asia to promote local currency bond …
Persistent link: https://www.econbiz.de/10003928027
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Unconventional monetary policy and productivity : evidence on the risk-seeking channel from us corporate bond markets
Albrizio, Silvia; Conesa, Marina; Dlugosch, Dennis; … - 2019
We examine the relationship between lax monetary policy, access to high-yield bond markets and productivity in the US between 2008 and 2016. Using monetary policy surprises, obtained from changes in interest rates futures in narrow windows around FOMC announcements, we isolate the increased...
Persistent link: https://www.econbiz.de/10011975741
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What slice of the pie? : the corporate bond market boom in emerging economies
Ayala, Diana; Nedeljkovic, Milan; Saborowski, Christian - 2017
This paper studies the determinants of shifts in debt composition among emerging market non-financial corporates. We show that the determinants of bond market access in EMs vary with global cyclical conditions and across local and foreign currency markets. We find that the role for institutions...
Persistent link: https://www.econbiz.de/10011615812
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The time-varying impact of systematic risk factors on corporate bond spreads
Klein, Arne Christian; Pliszka, Kamil - 2018
During the global financial crisis, stressed market conditions led to skyrocketing corporate bond spreads that could not be explained by conventional modeling approaches. This paper builds on this observation and sheds light on time-variations in the relationship between systematic risk factors...
Persistent link: https://www.econbiz.de/10011855295
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Lighting up the dark : liquidity in the German corporate bond market
Gündüz, Yalın; Ottonello, Giorgio; Pelizzon, Loriana; … - 2018
We study the impact of transparency on liquidity in OTC markets. We do so by providing an analysis of liquidity in a corporate bond market without trade transparency (Germany), and comparing our findings to a market with full post-trade disclosure (the U.S.). We employ a unique regulatory...
Persistent link: https://www.econbiz.de/10011901195
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Forecasting high-yield bond spreads using the loan market as leading indicator
Simmons-Süer, Banu - 2013
This paper attempts to find an aggregate leading indicator to predict the spreads observed for high-yield (HY) bond indices. Using a vector error correction (VEC) specification for quarterly data, we establish a long-term equilibrium relationship between the HY market spreads and its...
Persistent link: https://www.econbiz.de/10009707628
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Intermediation in US and EU bond and swap markets : stylised facts, trends and impact of the coronavirus (COVID-19) crisis in March 2020
Scheicher, Martin - 2023
The trading of bonds and swaps largely relies on bank dealers as core market-makers. Dealers provide liquidity and trade the instruments with smaller or less active firms, in part by using their own balance sheets for inventory holding or hedging purposes. The reforms carried out in the...
Persistent link: https://www.econbiz.de/10014460615
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The good, the bad, and the ugly of international debt market data
Boyarchenko, Nina; Elias, Leonardo - 2023 - Revised December 2023
Comprehensive granular data on firms' access to international credit markets and its determinants is instrumental in answering a wide set of questions in international macroeconomics and finance. We describe how to put together data on primary market issuance and secondary market pricing, how to...
Persistent link: https://www.econbiz.de/10014391284
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Risk and return in international corporate bond markets
Bekaert, Geert; De Santis, Roberto A. - 2020
Corporate bond returns in the major developed economies increase with risk, as measured by maturity and ratings. From a pricing perspective, we find little to no evidence against the World CAPM model, where the market consists out of equity, sovereign and corporate bonds. However, from a factor...
Persistent link: https://www.econbiz.de/10012259354