The matching of lead underwriters and issuing firms in the Japanese corporate bond market

McKenzie, Colin; Takaoka, Sumiko

doi:10.1016/j.matcom.2013.04.009

Cited by 8 publications

(5 citation statements)

References 11 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…The literature on the switching effect mainly focuses on the difference between the structure of IPO and secondary equity offering (SEO) consortiums in the stock market, but there is also evidence of the impact of a change in reference lender on bond issuing (McKenzie and Takaoka, 2013). The loyalty of firms to the consortium structure is not only affected by the type of securities issued but the specific features of firms or a sector may also affect the convenience of a switching strategy (Burch et al 2005).…”

Section: Literature Reviewmentioning

confidence: 99%

International Real Estate Review

Gibilaro¹,

Mattarocci²

2018

IRER

View full text Add to dashboard Cite

Real estate investment trusts (REITs) frequently collect new financial resources by issuing new shares and bonds or requesting for new loans to finance their investment policy. Due to the low transparency of the market, the success and the cost of financing are significantly affected by the reputation and the guarantee offered by the syndicated consortium. International evidence suggests that the decision to change syndicated banks could impact the success of raising new capital for industrial and financial firms, but there is no concrete evidence which suggests that this is the case in the real estate industry. The paper considers a representative sample of US REITs to examine the frequency of switching decisions in the industry and their relationship with leverage policy. The empirical analysis demonstrates a greater likelihood of creating a new financing consortium when a REIT is poorly performing and the average interest rate is increasing. Moreover, the switching strategy is more frequently adopted when the REIT is planning to increase leverage and the current level of leverage is still far from the target value. Results obtained are robust with respect to the new consortium definition and the initial public offering (IPO) effect.

show abstract

Section: Literature Reviewmentioning

confidence: 99%

International Real Estate Review

Gibilaro¹,

Mattarocci²

2018

IRER

View full text Add to dashboard Cite

show abstract

“…We focus on the main features of the designvolume of the proceeds raised and bond maturityas proxies of placement complexity (Fang, 2005;Fernando et al, 2015;Lou and Vasvari, 2013;Song, 2004) . Prior studies show that more complex bonds are more likely to be placed by reputable underwriters (Andres et al, 2014;Fernando et al, 2015;Loureiro, 2010;McKenzie and Takaoka, 2013).…”

Section: Bond-level Determinants: Placement Complexitymentioning

confidence: 99%

Do banks and industrial companies have equal access to reputable underwriters in debt markets?

Carbó-Valverde

Cuadros-Solas

Rodríguez-Fernández

2017

Journal of Corporate Finance

View full text Add to dashboard Cite

We analyze whether banks and industrial companies have equal access to debt markets through reputable underwriters and explore the determinants of that matching for both types of firms. Using a sample of European corporate bonds during the years 2003-2013, we find that the odds of matching with a reputable underwriter were about 1.5 times greater for nonfinancial companies than for banks. The odds of matching with a reputable underwriter were 10.92 times lower for a bank during the crisis. As for the determinants of the matching probability, the marginal effect of the bond size on the matching probability is 1.70 larger for non-financial firms than for banks. Furthermore, the effect of bond size is greater for large non-financial companies than for large banks while the effect of maturity is larger for banks than for non-financial companies.

show abstract

“…The eighth paper [12] is entitled "Evaluation of the DPC-based inclusive payment system in Japan for cataract operations by a new model" by Kazumitsu Nawata (University of Tokyo) and K. "The matching of lead underwriters and issuing firms in the Japanese corporate bond market" by Colin McKenzie (Keio University) and Sumiko Takaoka (Seikei University) is the ninth paper [11].…”

Section: Overviewmentioning

confidence: 99%

Modelling and simulation: An overview

2013

Mathematics and Computers in Simulation

View full text Add to dashboard Cite

The papers in this special issue of Mathematics and Computers in Simulation cover the following topics: improving judgmental adjustment of model-based forecasts, whether forecast updates are progressive, on a constrained mixture vector autoregressive model, whether all estimators are born equal: the empirical properties of some estimators of long memory, characterising trader manipulation in a limit-order driven market, measuring bias in a term-structure model of commodity prices through the comparison of simultaneous and sequential estimation, modelling tail credit risk using transition matrices, evaluation of the DPC-based inclusive payment system in Japan for cataract operations by a new model, the matching of lead underwriters and issuing firms in the Japanese corporate bond market, stochastic life table forecasting: a time-simultaneous fan chart application, adaptive survey designs for sampling rare and clustered populations, income distribution inequality, globalization, and innovation: a general equilibrium simulation, whether exchange rates affect consumer prices: a comparative analysis for Australia, China and India, the impacts of exchange rates on Australia's domestic and outbound travel markets, clean development mechanism in China: regional distribution and prospects, design and implementation of a Web-based groundwater data management system, the impact of serial correlation on testing for structural change in binary choice model: Monte Carlo evidence, and coercive journal self citations, impact factor, journal influence and article influence.

show abstract

The matching of lead underwriters and issuing firms in the Japanese corporate bond market

Cited by 8 publications

References 11 publications

International Real Estate Review

International Real Estate Review

Do banks and industrial companies have equal access to reputable underwriters in debt markets?

Modelling and simulation: An overview

Contact Info

Product

Resources

About