What Promotes Greater Use of the Corporate Bond Market? A Study of the Issuance Behaviour of Firms in Asia

Paul Mizen and Serafeim Tsoukas

Discussion Papers from University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM)

Abstract: This paper investigates bond market development in Asia by exploring the determinants of firms’ decisions to issue public debt in a range of Asian economies. Using a novel database covering the period 1995 to 2007, we use comparable micro level panel of nine countries - China, Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand - to explore factors that promote bond issuance by firms. We control for firm characteristics and market features such as bond market depth and liquidity; we also consider supra-national policy initiatives to improve bond market function. Our paper demonstrates that regional initiatives have been an important step towards greater bond issuance by firms in Asia, mostly by fostering market deepening and improving liquidity.

Keywords: bond financing; bond market policy initiatives; emerging Asia (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (5)

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Related works:
Journal Article: What promotes greater use of the corporate bond market? A study of the issuance behaviour of firms in Asia (2014)
Working Paper: What promotes greater use of the corporate bond market? A study of the issuance behaviour of firms in Asia (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:not:notcfc:12/17

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