| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16282 |
| 来源ID | Working Paper 16282 |
| The Market for Borrowing Corporate Bonds | |
| Paul Asquith; Andrea S. Au; Thomas R. Covert; Parag A. Pathak | |
| 发表日期 | 2010-08-19 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | This paper describes the market for borrowing corporate bonds using a comprehensive dataset from a major lender. The cost of borrowing corporate bonds is comparable to the cost of borrowing stock, between 10 and 20 basis points per year. Factors that increase borrowing costs are loan size, percentage of inventory lent, rating, and borrower identity. Trading strategies based on cost or amount of borrowing do not yield excess returns. Bonds with corresponding CDS contracts are more actively lent than those without. Finally, the 2007 Credit Crunch did not affect average borrowing cost or loan volume, but increased borrowing cost variance. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets |
| URL | https://www.nber.org/papers/w16282 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/573955 |
| 推荐引用方式 GB/T 7714 | Paul Asquith,Andrea S. Au,Thomas R. Covert,et al. The Market for Borrowing Corporate Bonds. 2010. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16282.pdf（518KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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