Capital structure and the issuance of corporate bonds in emerging Asia
In emerging Asia's local-currency bond market, the government bond segments have largely come of age while the corporate bond markets have remained immature. This paper focuses on the question of what drives corporate bond issuance, an issue of great practical relevance for policymakers in the...
| Main Authors: | , , , |
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| Format: | Book Section |
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Edward Elgar
2014
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| Online Access: | https://eprints.nottingham.ac.uk/29868/ |
| _version_ | 1848793868456165376 |
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| author | Mizen, Paul Packer, Frank Remolona, Eli Tsoukas, Serafeim |
| author2 | Azis, Iwan J. |
| author_facet | Azis, Iwan J. Mizen, Paul Packer, Frank Remolona, Eli Tsoukas, Serafeim |
| author_sort | Mizen, Paul |
| building | Nottingham Research Data Repository |
| collection | Online Access |
| description | In emerging Asia's local-currency bond market, the government bond segments have largely come of age while the corporate bond markets have remained immature. This paper focuses on the question of what drives corporate bond issuance, an issue of great practical relevance for policymakers in the region. We analyse the financing decisions of some 4,600 firms in eight countries in emerging Asia. We analyse these decisions within the context of the firms'capital structure. We also analyse the effect of market depth, relying on market-wide indicators from the BIS. We find that for both seasoned and unseasoned issuers, size and leverage both matter for the decision to issue. The availability of tangible assets matters for the decision to issue in foreign currency. At the level of the markets, the depth of the market and interest differentials matter. |
| first_indexed | 2025-11-14T19:07:08Z |
| format | Book Section |
| id | nottingham-29868 |
| institution | University of Nottingham Malaysia Campus |
| institution_category | Local University |
| last_indexed | 2025-11-14T19:07:08Z |
| publishDate | 2014 |
| publisher | Edward Elgar |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | nottingham-298682020-05-04T16:58:21Z https://eprints.nottingham.ac.uk/29868/ Capital structure and the issuance of corporate bonds in emerging Asia Mizen, Paul Packer, Frank Remolona, Eli Tsoukas, Serafeim In emerging Asia's local-currency bond market, the government bond segments have largely come of age while the corporate bond markets have remained immature. This paper focuses on the question of what drives corporate bond issuance, an issue of great practical relevance for policymakers in the region. We analyse the financing decisions of some 4,600 firms in eight countries in emerging Asia. We analyse these decisions within the context of the firms'capital structure. We also analyse the effect of market depth, relying on market-wide indicators from the BIS. We find that for both seasoned and unseasoned issuers, size and leverage both matter for the decision to issue. The availability of tangible assets matters for the decision to issue in foreign currency. At the level of the markets, the depth of the market and interest differentials matter. Edward Elgar Azis, Iwan J. Shin, Hyun S. 2014-12-26 Book Section PeerReviewed Mizen, Paul, Packer, Frank, Remolona, Eli and Tsoukas, Serafeim (2014) Capital structure and the issuance of corporate bonds in emerging Asia. In: Global shock, risks, and Asian financial reform. ADBI series on Asian economic integration and cooperation . Edward Elgar, Cheltenham, pp. 510-540. ISBN 9781783477937 Bond financing Capital structure Emerging markets Asian bond markets http://www.elgaronline.com/view/9781783477937.00025.xml doi:10.4337/9781783477944 doi:10.4337/9781783477944 |
| spellingShingle | Bond financing Capital structure Emerging markets Asian bond markets Mizen, Paul Packer, Frank Remolona, Eli Tsoukas, Serafeim Capital structure and the issuance of corporate bonds in emerging Asia |
| title | Capital structure and the issuance of corporate bonds in emerging Asia |
| title_full | Capital structure and the issuance of corporate bonds in emerging Asia |
| title_fullStr | Capital structure and the issuance of corporate bonds in emerging Asia |
| title_full_unstemmed | Capital structure and the issuance of corporate bonds in emerging Asia |
| title_short | Capital structure and the issuance of corporate bonds in emerging Asia |
| title_sort | capital structure and the issuance of corporate bonds in emerging asia |
| topic | Bond financing Capital structure Emerging markets Asian bond markets |
| url | https://eprints.nottingham.ac.uk/29868/ https://eprints.nottingham.ac.uk/29868/ https://eprints.nottingham.ac.uk/29868/ |