The Pricing of Initial Public Offers of Corporate Straight Debt
The Pricing of Initial Public Offers of Corporate Straight Debt
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企业直接债务首次公开发行的定价
DOI：
10.1111/j.1540-6261.1997.tb03821.x
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发表时间：
1997
影响因子：
8
通讯作者：
A. Patel
中科院分区：
文献类型：
--
作者：
Sudip Datta;Mai Iskandar;A. Patel
本研究探讨公司直接债务IPO的首日和盘后价格表现。我们发现，投机级债券的IPO价格低于股票IPO，而那些评级为投资级的IPO价格过高。投资级债券的IPO通常由在主要交易所上市的公司发行，并由著名的承销商承销。相比之下，垃圾债券IPO更有可能由知名度较低的承销商处理，通常由场外交易公司发行。我们的分析还发现，债券评级，上市公司，投资银行家的质量是显着的决定因素债券IPO收益。
This study examines the initial-day and aftermarket price performance of corporate straight debt IPOs. We find that IPOs of speculative grade debt are underpriced like equity IPOs, while those rated investment grade are overpriced. IPOs of investment grade debt are typically issued by firms listed on the major exchanges and underwritten by prestigious underwriters. In contrast, junk bond IPOs are more likely to be handled by less prestigious underwriters and are typically issued by OTC firms. Our analysis also reveals that bond rating, market listing of the firm, and investment banker quality are significant determinants of bond IPO returns.