Quotation Lindner, Thomas. 2019. Information Asymmetry and Underpricing in the Global Debt Market. EIBA 2019, Leeds, Gro├čbritannien, 13.12.-15.12.


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Abstract

This paper investigates underpricing in the global bond market. It associates losses in proceeds from bond issues to informationasymmetry between issuers and investors. This information asymmetry is driven by firm risk, reputation of intermediaries, and whethera transaction crosses a national border. The paper connects finance literature on underpricing with IB literature on liabilities offoreignness and risk preferences to make empirical predictions. These predictions are tested on a unique dataset of 5,510 bond issuesin seven capital markets by firms from 23 home countries between 2007 and 2017. Empirical support for the theorized mechanisms is found.

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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Paper presented at an academic conference or symposium
Language English
Title Information Asymmetry and Underpricing in the Global Debt Market
Event EIBA 2019
Year 2019
Date 13.12.-15.12.
Country United Kingdom
Location Leeds
URL https://eiba2019.eiba.org/

Associations

People
Lindner, Thomas (Details)
Organization
International Business (Details)
Research areas (├ľSTAT Classification 'Statistik Austria')
5300 Economics (Details)
5307 Business and management economics (Details)
5337 World trade science (Details)
5344 Foreign trade (Details)
5358 Corporate finances (Details)
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