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The Shelf Registration of Debt and Self Selection Bias

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Author Info
 Allen, David S
Lamy, Robert E
Thompson, G Rodney
Abstract

Prior studies report lower issue costs for shelf registered debt and conclude that the benefits of increased underwriter competition can be realized by those firms using this registration procedure. This study reexamines the purported superiority of issuing debt via shelf registration, and finds that the savings in issue costs displayed by earlier studies can be attributed to a self-selection bias and not the method of registration. Copyright 1990 by American Finance Association.

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Publisher Info
Article provided by American Finance Association in its journal Journal of Finance.

Volume (Year): 45 (1990)
Issue (Month): 1 (March)
Pages: 275-87
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Handle: RePEc:bla:jfinan:v:45:y:1990:i:1:p:275-87

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  1. Arie Melnik & Doron Nissim, 2003. "Debt issue costs and issue characteristics in the Eurobond market," ICER Working Papers 09-2003, ICER - International Centre for Economic Research. [Downloadable!]
  2. Richard Cantor & Frank Packer & Kevin Cole, 1997. "Split ratings and the pricing of credit risk," Research Paper 9711, Federal Reserve Bank of New York. [Downloadable!]
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This page was last updated on 2008-9-29.

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