Publicação
Inventory-constrained underwriters and corporate bond offerings
| dc.contributor.author | Nagler, Florian | |
| dc.contributor.author | Ottonello, Giorgio | |
| dc.contributor.institution | NOVA School of Business and Economics (NOVA SBE) | |
| dc.contributor.pbl | Oxford University Press | |
| dc.date.accessioned | 2022-02-28T23:33:14Z | |
| dc.date.available | 2024-01-10T01:34:04Z | |
| dc.date.embargoedUntil | 2024-01-09 | |
| dc.date.issued | 2022-09 | |
| dc.description.abstract | We empirically study how inventory constraints of underwriters affect corporate bond offerings. Using underwriter-insurer-level transaction data, we find that a more constrained underwriter is more likely to place a bond and increases the allocation in the primary market to an insurer with a stronger preexisting relationship. The same underwriter is also more likely to buy back part of an allocation from the same insurer within 6 to 12 months after an offering. Overall, by “parking” inventory to relationship investors in the primary market, underwriters mitigate the effect of their inventory constraints on firms’ bond financing costs. (JEL G12, G32) | en |
| dc.description.version | authorsversion | |
| dc.description.version | published | |
| dc.format.extent | 584189 | |
| dc.identifier.doi | 10.1093/rapstu/raab030 | |
| dc.identifier.issn | 2045-9920 | |
| dc.identifier.other | PURE: 36377928 | |
| dc.identifier.other | PURE UUID: 865656a0-3bbb-4ee9-8e50-441e79c0e919 | |
| dc.identifier.other | crossref: 10.1093/rapstu/raab030 | |
| dc.identifier.other | WOS: 000841936200001 | |
| dc.identifier.other | Scopus: 85141304190 | |
| dc.identifier.uri | http://hdl.handle.net/10362/133749 | |
| dc.language.iso | eng | |
| dc.peerreviewed | yes | |
| dc.title | Inventory-constrained underwriters and corporate bond offerings | en |
| dc.type | journal article | |
| degois.publication.firstPage | 639 | |
| degois.publication.issue | 3 | |
| degois.publication.lastPage | 666 | |
| degois.publication.title | The Review of Asset Pricing Studies | |
| degois.publication.volume | 12 | |
| dspace.entity.type | Publication | |
| rcaap.rights | openAccess |
Ficheiros
Principais
1 - 1 de 1
A carregar...
- Nome:
- nagler_ottonello_raps_2022.pdf
- Tamanho:
- 570.5 KB
- Formato:
- Adobe Portable Document Format