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

Mizen, Paul; Tsoukas, Serafeim

Authors

Paul Mizen paul.mizen@nottingham.ac.uk

Serafeim Tsoukas Serafeim.Tsoukas@glasgow.ac.uk



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.

Journal Article Type Article
Publication Date Jan 1, 2014
Journal Oxford Economic Papers
Print ISSN 0030-7653
Electronic ISSN 1464-3812
Publisher Oxford University Press (OUP)
Peer Reviewed Peer Reviewed
Volume 66
Issue 1
Institution 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), doi:10.1093/oep/gpt005
DOI https://doi.org/10.1093/oep/gpt005
Keywords Asia, Corporate bond market
Publisher URL http://oep.oxfordjournals.org/content/66/1/227
Copyright Statement Copyright information regarding this work can be found at the following address: http://creativecommons.org/licenses/by-nc/4.0
Additional Information E22, F32, G32.

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Copyright Statement
Copyright information regarding this work can be found at the following address: http://creativecommons.org/licenses/by-nc/4.0





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