haku: @author Rudd, A. / yhteensä: 8
viite: 2 / 8
| Tekijä: | Fung, W. K. H. Rudd, A. |
| Otsikko: | Pricing new corporate bond issues : an analysis of issue cost and seasoning effects. |
| Lehti: | Journal of Finance
1986 : JUL, VOL. 41:3, p. 633-644 |
| Asiasana: | BONDS NEW ISSUES |
| Kieli: | eng |
| Tiivistelmä: | The traditional approach to fixed income empirical testing is to use new issues of corporate bonds, which are typically the most liquid, as the source of pricing data. However the price behavior of new issues differs from that of existing issues. The explanations are discussed with particular emphasis on the seasoning effect and the cost of underwriting. Considerable attention is paid to some special features of the corporate bond market, including the use of actual trader quotes so as to accurately measure holding period returns. The results suggest that the cost of issuing corporate bonds is less than previously reported. |
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