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

Paul Mizen | Zendy; Serafeim Tsoukas | Zendy

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

Author(s) -

Paul Mizen,

Serafeim Tsoukas

Publication year - 2013

Publication title -

oxford economic papers

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.68

H-Index - 69

eISSN - 1464-3812

pISSN - 0030-7653

DOI - 10.1093/oep/gpt005

Subject(s) - bond market , market liquidity , business , debt , corporate bond , china , bond , financial system , primary market , finance , political science , stock market , geography , context (archaeology) , archaeology , law

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

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