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영어
This study examines the effect of refinancing risk and liquidity before bond offering date on the underpricing of newly issued corporate bonds. Using a sample of U.S. corporate bond seasoned offerings, we find that the refinancing risk increases the initial returns of corporate bond offerings, while the liquidity before bond offering date decreases the underpricing of corporate bonds. The relationship between pre-liquidity and the initial returns is pronounced for firms with high refinancing risk and costly external financing.
목차
Abstract
1. Introduction
2. Data and Variables
2.1. Main Variables
2.2. Issue Characteristics
2.3. Issuer Characteristics
2.4. Descriptive Statistics
3. Empirical Results
3.1. Refinancing Risk and Underpricing
3.2. Pre-liquidity and Underpricing
3.3. Refinancing Risk, Pre-liquidity, and Underpricing
4. Conclusion
References
1. Introduction
2. Data and Variables
2.1. Main Variables
2.2. Issue Characteristics
2.3. Issuer Characteristics
2.4. Descriptive Statistics
3. Empirical Results
3.1. Refinancing Risk and Underpricing
3.2. Pre-liquidity and Underpricing
3.3. Refinancing Risk, Pre-liquidity, and Underpricing
4. Conclusion
References
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