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

Mizen, Paul; Tsoukas, Serafeim

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.

Citation

Mizen, P., & 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), 227-253. https://doi.org/10.1093/oep/gpt005

• Journal Article Type: Article
• Acceptance Date: Mar 1, 2013
• Online Publication Date: Mar 4, 2013
• Publication Date: 2014-01
• Deposit Date: Jul 13, 2016
• Publicly Available Date: Jul 13, 2016
• Journal: Oxford Economic Papers
• Print ISSN: 0030-7653
• Electronic ISSN: 1464-3812
• Publisher: Oxford University Press
• Peer Reviewed: Peer Reviewed
• Volume: 66
• Issue: 1
• Pages: 227-253
• DOI: https://doi.org/10.1093/oep/gpt005
• Keywords: Asia, Corporate bond market
• Public URL: https://nottingham-repository.worktribe.com/output/719989
• Publisher URL: http://oep.oxfordjournals.org/content/66/1/227
• Additional Information: E22, F32, G32.
• Contract Date: Jul 13, 2016