Complementarity of Sovereign and Corporate Debt Issuance: Mind the Gap

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Review of Finance Pub Date : 2024-03-05 DOI:10.1093/rof/rfae006

Bruce D Grundy, Sjoerd van Bekkum, Patrick Verwijmeren

引用次数: 0

Abstract

We investigate the relation between sovereign and corporate bond issuance. Sovereign bond issues that increase a country’s maximum maturity are followed by increases in the maximum maturity of corporate issues. Our results point to issuance complementarities based on the benchmarking of corporate bonds to sovereign bonds. Sovereign and corporate bond issues are also substitutes, but substitutability requires the availability of a high-quality sovereign bond benchmark. By adding to existing theories focusing on substitutability, our findings highlight the role that the maturity of sovereign debt plays in capital market development.

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主权债务和公司债务发行的互补性：注意差距

我们研究了主权债券和公司债券发行之间的关系。主权债券的发行增加了一个国家的最长期限，随后公司债券发行的最长期限也随之增加。我们的研究结果表明，企业债券与主权债券的发行具有互补性。主权债券和公司债券的发行也是相互替代的，但替代性需要有一个高质量的主权债券基准。通过补充现有的以可替代性为重点的理论，我们的研究结果强调了主权债务的期限在资本市场发展中的作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Finance Multiple-

CiteScore

7.80

自引率

2.30%

发文量

期刊介绍： The Review of Finance, the official journal of the European Finance Association, aims at a wide circulation and visibility in the finance profession. The journal publishes high-quality papers in all areas of financial economics, both established and newly developing fields: • •Asset pricing •Corporate finance •Banking and market microstructure •Law and finance •Behavioral finance •Experimental finance Review of Finance occasionally publishes special issues on timely topics, including selected papers presented at the meetings of the European Finance Association or at other selected conferences in the field.