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

Mizen, Paul and Tsoukas, Serafeim (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). 227 -253. ISSN 1464-3812

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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 SAR, 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: Article
Additional Information: E22, F32, G32.
Keywords: Asia, Corporate bond market
Schools/Departments: University of Nottingham UK Campus > Faculty of Social Sciences > School of Economics
Identification Number: https://doi.org/10.1093/oep/gpt005
Depositing User: Mizen, Paul
Date Deposited: 13 Jul 2016 07:27
Last Modified: 14 Sep 2016 09:12
URI: http://eprints.nottingham.ac.uk/id/eprint/34881

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