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Does Competition Affect Ratings Quality? Evidence from Canadian Corporate Bonds
Journal of Corporate Finance, 2019This paper investigates the effect of competition among credit rating agencies on ratings quality. Specifically, we study how the ratings quality of a small local rating agency (DBRS) responds to competition from a large global rating agency (S&P) in ...
Kee‐Hong Bae, Hamdi Driss, G. Roberts
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The impact of green bonds on corporate environmental and financial performance
, 2021PurposeAs investors' expectations shift toward corporate sustainability, many corporations have jumped on the bandwagon of being “green” by issuing green bonds.
Kim Ee Yeow, S. Ng
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Can green bonds promote corporate green technology innovation?——evidence from China
Applied EconomicsThe development of green finance is of great significance in promoting industrial transformation and upgrading, advancing the sustainable development of the regional economy, and realizing the goal of ‘double carbon’. To explore the effect of green bonds
Kai Wan, Li Cao, Yaru He
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Capital Commitment and Illiquidity in Corporate Bonds
Journal of Finance, 2017We study trading costs and dealer behavior in U.S. corporate bond markets from 2006 to 2016. Despite a temporary spike during the financial crisis, average trade execution costs have not increased notably over time.
H. Bessembinder +3 more
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Corporate Governance and Corporate Bond Liquidity
Global Economic Review, 2016AbstractUsing a unique dataset of corporate bond trading information and corporate governance evaluation scores, this study examines the determinants of corporate bond market liquidity in Korea. In particular, this study explores whether corporate governance performance of a company influences liquidity of bonds issued by the company. The paper reports
Hyun Jin Lee, Insook Cho
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The Market Risk of Corporate Bonds
Journal of Portfolio Management, 2019Although the capital asset pricing model (CAPM) was, at its origin, intended for all tradeable assets, it is rarely applied to bonds. Rather than appraising risk with respect to a market portfolio, bond portfolio managers rely on directly observable ...
Marielle de Jong, F. Fabozzi
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Institutional Corporate Bond Demand
SSRN Electronic Journal, 2020We compile a rich dataset that links institutional investors' position level holdings with corporate bond characteristics and estimate demand elasticities with respect to critical sources of risk. Persistence in institutions' holdings provide us with an instrument to isolate exogenous movements in prices.
Lorenzo Bretscher +3 more
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Sequential Search for Corporate Bonds
Social Science Research Network, 2023Mahyar Kargar +3 more
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ESG Investing in Corporate Bonds: Mind the Gap
Social Science Research Network, 2019This research is the companion study of three previous research projects conducted at Amundi that address the issue of socially responsible investing (SRI) in the stock market (Berg et al., 2014; Bennani et al., 2018a; Drei et al., 2019).
M. Ben Slimane +3 more
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Bond Durations: Corporates vs. Treasuries
SSRN Electronic Journal, 2006We compare the durations of corporate and Treasury bonds in the reduced-form, intensity based credit risk modeling framework. In the case where default risk is independent of default-free interest rates, we provide in each of the three most popular recovery regimes a sufficient condition under which the duration of the corporate bond is smaller than ...
Kraft, Holger, Munk, Claus
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