How Firms Use Domestic and International Corporate Bond Markets

Gozzi, Juan Carlos ; Levine, Ross ; Martinez Peria, Maria Soledad ; Schmukler, Sergio L.

World Bank, Washington, DC

关键词: ACCESS TO DOMESTIC AND INTERNATIONAL MARKETS;    CORPORATE BOND MARKETS;    FINANCIAL INTEGRATION;    FINANCIAL SERVICES;    FRICTIONS;   

DOI  :  10.1596/1813-9450-6209
RP-ID  :  WPS6209

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This paper provides the firstcomprehensive documentation of how firms use domestic andinternational corporate bond markets. Debt issues indomestic and international markets have differentcharacteristics, not explained by differences across firmsor countries. International issues tend to be larger, ofshorter maturity, denominated in foreign currency, includemore fixed rate contracts, and entail lower yields. Thesepatterns remain when analyzing issues by firms fromcountries with more developed domestic markets and higherfinancial integration, and even when comparing issuesconducted by the same firm in different markets. Thesefindings are consistent with the views that (1) frictionslimit the ability of investors and firms to enter intocertain contracts in certain markets, (2) domestic andinternational markets provide distinct financial servicesand firms use them as complements, and (3) firms with accessto domestic and international markets enjoy advantagesrelative to those that rely solely on domestic markets.