| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26815 |
| 来源ID | Working Paper 26815 |
| Issuance Overpricing of China\u2019s Corporate Debt Securities | |
| Yi Ding; Wei Xiong; Jinfan Zhang | |
| 发表日期 | 2020-03-09 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We document issuance overpricing of corporate debt securities in China, which contrasts with underpricing of equity and debt securities in Western countries. The phenomenon in China is robust across subsamples of issuances with different credit ratings, maturities, issuer types, and issuing history, reflecting the distinct institutional environment and issuance process in China’s market for corporate debt securities. The average overpricing dropped from 7.44 basis points to 2.41 basis points after the government prohibited underwriters from using rebates in issuances in October 2017. By analyzing overpricing before and after the rebate ban and across different issuers and underwriters, we uncover two channels for underwriters, who compete for future underwriting business, to drive up overpricing: rebates and self-purchases. |
| 主题 | Financial Economics ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w26815 |
| 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/584489 |
| 推荐引用方式 GB/T 7714 | Yi Ding,Wei Xiong,Jinfan Zhang. Issuance Overpricing of China\u2019s Corporate Debt Securities. 2020. |
| 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 | ||
| w26815.pdf（526KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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