Lindner, Thomas. 2019. Information Asymmetry and Underpricing in the Global Debt Market. EIBA 2019, Leeds, Großbritannien, 13.12.-15.12.

RIS

@CONFERENCE{Lindner2019,
title = {Information Asymmetry and Underpricing in the Global Debt Market},
author = {Thomas Lindner},
year = {2019},
address = {Leeds},
url = {https://eiba2019.eiba.org/},
language = {EN},
misc = {EIBA 2019},
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.},
}