The impact of underwriter reputation on corporate financing costs under the bond registration system reform

Yunyun Wu, Haifeng An and Yanan Guo

Finance Research Letters, 2025, vol. 77, issue C

Abstract: This study focuses on publicly issued corporate bonds in China's exchange market between 2016 and 2023, aiming to examine the influence of underwriters' reputation on corporate financing costs and its underlying mechanisms across different issuance systems. The results indicate that underwriters' reputation has a more pronounced effect on bond issuance spreads following the implementation of the registration system reform. Additionally, the impact of underwriters' reputation on bond issuance spreads varies, with a more significant difference observed in non-state-owned enterprises before and after the reform in terms of their ability to influence bond spreads.

Keywords: Registration reform; Underwriter reputation; Bond issue spreads (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1544612325003496
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:77:y:2025:i:c:s1544612325003496

DOI: 10.1016/j.frl.2025.107086

Access Statistics for this article

Finance Research Letters is currently edited by R. Gençay

More articles in Finance Research Letters from Elsevier
Bibliographic data for series maintained by Catherine Liu ().