What promotes greater use of the corporate bond market? A study of the issuance behaviour of firms in Asia

Mizen, P. and Tsoukas, S. (2014) What promotes greater use of the corporate bond market? A study of the issuance behaviour of firms in Asia. Oxford Economic Papers, 66(1), pp. 227-253. (doi:10.1093/oep/gpt005)

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Publisher's URL: http://dx.doi.org/10.1093/oep/gpt005

Abstract

This paper investigates bond market development in Asia by exploring the determinants of firms' decisions to issue public debt in a range of Asian economies. Using a novel database covering the period 1995 to 2007, we use comparable micro level panel of nine countries - China, Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand - to explore factors that promote bond issuance by firms. We control for firm characteristics and market features such as bond market depth and liquidity; we also consider supra-national policy initiatives to improve bond market function. Our paper demonstrates that regional initiatives have been an important step towards greater bond issuance by firms in Asia, mostly by fostering market deepening and improving liquidity.

Item Type:Articles
Keywords:Bond financing, bond market policy initiatives, emerging Asia
Status:Published
Refereed:Yes
Glasgow Author(s) Enlighten ID:Tsoukas, Professor Serafeim
Authors: Mizen, P., and Tsoukas, S.
Subjects:H Social Sciences > HG Finance
College/School:College of Social Sciences > Adam Smith Business School > Economics
Journal Name:Oxford Economic Papers
Journal Abbr.:Oxf. Econ. Pap.
ISSN:0030-7653
ISSN (Online):1464-3812
Published Online:04 March 2013
Copyright Holders:Copyright © 2013 Oxford University Press
First Published:First published in Oxford Economic Papers 66(1):227-253
Publisher Policy:Reproduced under a Creative Commons License

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