Why do Japanese regional banks issue subordinated debts?

Baba, Naohiko; Inada, Masakazu

doi:10.1016/j.japwor.2009.03.001

Cited by 4 publications

(3 citation statements)

References 15 publications

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“…These studies have documented that issuer characteristics such as size, rating, profitability, leverage, equity prices, monetary policy, and the supply of bank credit are important determinants of bond issuance. Other papers have investigated the effects of quantitative easing (Lo Duca, Nicoletti, & Vidal Martinez, 2014), asymmetric information (Gomes & Phillips, 2012) or the Basel reforms on issuance decisions of banks or non-financial corporations (Baba & Inada, 2009). However, there is not much evidence yet on the effect of yields on bond issuances, which is the contribution of this study.…”

Section: The Effect Of Corporate Bond Yields On Bond Issuance By Us Fmentioning

confidence: 99%

A discrete‐choice model for large heterogeneous panels with interactive fixed effects with an application to the determinants of corporate bond issuance

Boneva

Linton

2017

J of Applied Econometrics

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Summary What is the effect of funding costs on the conditional probability of issuing a corporate bond? We study this question in a novel dataset covering 5610 issuances by US firms over the period from 1990 to 2014. Identification of this effect is complicated because of unobserved, common shocks such as the global financial crisis. To account for these shocks, we extend the common correlated effects estimator to settings where outcomes are discrete. Both the asymptotic properties and the small‐sample behavior of this estimator are documented. We find that for non‐financial firms yields are negatively related to bond issuance but that the effect is larger in the pre‐crisis period.

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Section: The Effect Of Corporate Bond Yields On Bond Issuance By Us Fmentioning

confidence: 99%

A discrete‐choice model for large heterogeneous panels with interactive fixed effects with an application to the determinants of corporate bond issuance

Boneva

Linton

2017

J of Applied Econometrics

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“…There is already a large literature that explores the determinants of bond issuance (e.g. Mizen and Tsoukas 2013 on issuance decisions of banks or non-financial corporations (Baba and Inada (2009)).…”

Section: Marginal Effectsmentioning

confidence: 99%

A Discrete Choice Model for Large Heterogeneous Panels with Interactive Fixed Effects with an Application to the Determinants of Corporate Bond Issuance

Boneva

Linton

2017

SSRN Journal

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What is the effect of funding costs on the conditional probability of issuing a corporate bond? We study this question in a novel dataset covering 5610 issuances by US firms over the period from 1990 to 2014. Identification of this effect is complicated because of unobserved, common shocks such as the global financial crisis. To account for these shocks, we extend the common correlated effects estimator to settings where outcomes are discrete. Both the asymptotic properties and the small sample behavior of this estimator are documented. We find that for non-financial firms, yields are negatively related to bond issuance but that effect is larger in the pre-crisis period.

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“…(2014)), asymmetric information (Gomes and Phillips (2012)) or the Basel reforms on issuance decisions of banks or non-financial corporations (Baba and Inada (2009)). …”

Section: Marginal Effectsmentioning

confidence: 99%

A discrete choice model for large heterogeneous panels with interactive fixed effects with an application to the determinants of corporate bond issuance

Boneva¹,

Linton²

2017

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Why do Japanese regional banks issue subordinated debts?

Cited by 4 publications

References 15 publications

A discrete‐choice model for large heterogeneous panels with interactive fixed effects with an application to the determinants of corporate bond issuance

A discrete‐choice model for large heterogeneous panels with interactive fixed effects with an application to the determinants of corporate bond issuance

A Discrete Choice Model for Large Heterogeneous Panels with Interactive Fixed Effects with an Application to the Determinants of Corporate Bond Issuance

A discrete choice model for large heterogeneous panels with interactive fixed effects with an application to the determinants of corporate bond issuance

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