债权人冲突如何影响债券IPO抑价?

Q1 Mathematics

Journal of Finance and Data Science Pub Date : 2021-11-01 DOI:10.1016/j.jfds.2021.03.002

Susheng Wang , Xinjie Wang , Yuan Wang , Xueying Zhang

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引用次数: 1

摘要

本文发现，贷款持有人与债券持有人之间的利益冲突与债券IPO抑价呈正相关，这对初始债券投资者起到了补偿作用。我们为贷款持有人和债券持有人之间的冲突构建了四个代理，即贷款契约指数、未偿还贷款金额、牵头银行数量和贷款剩余期限。我们的实证检验表明，这四个变量都与债券IPO的抑价呈正相关，表明企业的贷款结构对其债券IPO的定价有真实的影响。

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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How does the creditor conflict affect bond IPO underpricing?

In this paper, we find that the conflict of interest between loan holders and bondholders is positively related to bond IPO underpricing, which serves as a compensation to the initial bond investors. We construct four proxies for the conflict between loan holders and bondholders, namely, a loan covenants index, the outstanding loan amount, the number of lead banks, and the loan remaining maturity. Our empirical tests show that all four variables are positively related to bond IPO underpricing, indicating that the loan structure of firms has a real impact on the pricing of their bond IPOs.

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来源期刊

Journal of Finance and Data Science Mathematics-Statistics and Probability

CiteScore

3.90

自引率

0.00%

发文量

审稿时长

30 days