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)

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