The Australian corporate bond market before credit ratings, 1915-83

Grant Fleming, Frank Liu, David Merrett and Simon Ville

No 3, CEH Discussion Papers from Centre for Economic History, Research School of Economics, Australian National University

Abstract: Very few long-term studies exist of corporate bond markets. We analyse the Australian domestic corporate bond market, 1915-83, measuring how and why it changed, and which companies and sectors commonly drew upon this form of finance. This was a time before credit ratings agencies and when evolving legal and regulatory requirements and financial advice provided few protections for investors. Using unique data for over 4,900 individual bond issuances by 436 private sector and regulated government entities, we investigate whether certain firm characteristics were associated with superior pricing and/or shorter maturity, thereby reflecting their lower perceived risk by investors.

Date: 2021-06
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Persistent link: https://EconPapers.repec.org/RePEc:auu:hpaper:096

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