Underwriter reputation and asset-backed securitization pricing

Runguo Xu and Peng Dong

Finance Research Letters, 2023, vol. 58, issue PB

Abstract: This paper analyzes the relationship between the level of underwriters' reputation and corporate ABS issuance spreads, using domestic issuance of corporate bond-type ABS as a research sample from 2017–2022. The study issues that: underwriters' reputation has a significant inverse relationship with corporate ABS issue spreads, and the higher the underwriters' reputation, the smaller the corporate ABS issue spreads, all other things being equal; for issuers with different natures of ownership, their are significant differences in the degree of influence of underwriters' reputation on issue spreads.

Keywords: Asset-backed securitization; Underwriter reputation; Issue pricing (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:58:y:2023:i:pb:s1544612323007833

DOI: 10.1016/j.frl.2023.104411

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