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Neu-Emissions-Prämien bei Anleihen - Eine empirische Untersuchung zu Existenz und Höhe von Prämien für Neu-Emissionen bei Unternehmensanleihen

Carl Heinz Daube and Vladislav Krivenkov

EconStor Research Reports from ZBW - Leibniz Information Centre for Economics

Abstract: Despite the fact that underpricing in new-issued bonds has been part of the academic discussion since at least 1969, it never got the same attention as underpricing of stock market IPOs. This paper follows the discussion and analyzes the pricing of 1.566 fixed coupon Euro-dominated corporate bonds issued between 2009 and 2017. One of the main insights is a significant new-issue premium in the analyzed sample. The descriptive analysis of the realized issue premia is followed by a statistical modeling of these based on some bond characteristics.

Keywords: Neu-Emissionsprämien; Anleihe-Emission (search for similar items in EconPapers)
JEL-codes: G12 (search for similar items in EconPapers)
Date: 2018
New Economics Papers: this item is included in nep-ger
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:esrepo:179425

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