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Issue costs in the Eurobond market: The effects of market integration

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  • Melnik, Arie
  • Nissim, Doron

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Banking & Finance.

Volume (Year): 30 (2006)
Issue (Month): 1 (January)
Pages: 157-177

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Handle: RePEc:eee:jbfina:v:30:y:2006:i:1:p:157-177

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References

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  1. Bekaert, Geert & Harvey, Campbell R. & Lumsdaine, Robin L., 2002. "Dating the integration of world equity markets," Journal of Financial Economics, Elsevier, Elsevier, vol. 65(2), pages 203-247, August.
  2. Karen H. Johnson, 1994. "International dimension of European Monetary Union: implications for the dollar," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) 469, Board of Governors of the Federal Reserve System (U.S.).
  3. João A. C. Santos & Kostas Tsatsaronis, 2003. "The cost of barriers to entry: evidence from the market for corporate euro bond underwriting," BIS Working Papers 134, Bank for International Settlements.
  4. Dumas, Bernard & Solnik, Bruno, 1995. " The World Price of Foreign Exchange Risk," Journal of Finance, American Finance Association, American Finance Association, vol. 50(2), pages 445-79, June.
  5. Altinkilic, Oya & Hansen, Robert S, 2000. "Are There Economies of Scale in Underwriting Fees? Evidence of Rising External Financing Costs," Review of Financial Studies, Society for Financial Studies, Society for Financial Studies, vol. 13(1), pages 191-218.
  6. Andrew K. Rose & Eric van Wincoop, 2001. "National Money as a Barrier to International Trade: The Real Case for Currency Union," American Economic Review, American Economic Association, American Economic Association, vol. 91(2), pages 386-390, May.
  7. Glick, Reuven & Rose, Andrew K., 2002. "Does a currency union affect trade? The time-series evidence," European Economic Review, Elsevier, vol. 46(6), pages 1125-1151, June.
  8. McCauley, R.N., 1997. "The Euro and the Dollar," Princeton Essays in International Economics, International Economics Section, Departement of Economics Princeton University, 205, International Economics Section, Departement of Economics Princeton University,.
  9. Alogoskoufis, George & Portes, Richard & Rey, Hélène, 1997. "The Emergence of the Euro as an International Currency," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1741, C.E.P.R. Discussion Papers.
  10. Jewell, Jeff & Livingston, Miles, 1998. "Split Ratings, Bond Yields, and Underwriter Spreads," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 21(2), pages 185-204, Summer.
  11. Sentana, Enrique, 2000. "Did the EMS Reduce the Cost of Capital?," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2640, C.E.P.R. Discussion Papers.
  12. Jeffrey Frankel & Andrew Rose, 2002. "An Estimate Of The Effect Of Common Currencies On Trade And Income," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 117(2), pages 437-466, May.
  13. Manganelli, Simone & Hartmann, Philipp & Maddaloni, Angela, 2003. "The euro area financial system: structure, integration and policy initiatives," Working Paper Series, European Central Bank 0230, European Central Bank.
  14. Miles Livingston & Robert E. Miller, 2000. "Investment Bank Reputation and the Underwriting of Nonconvertible Debt," Financial Management, Financial Management Association, Financial Management Association, vol. 29(2), Summer.
  15. Karen K. Lewis, 1999. "Trying to Explain Home Bias in Equities and Consumption," Journal of Economic Literature, American Economic Association, vol. 37(2), pages 571-608, June.
  16. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, Econometric Society, vol. 48(4), pages 817-38, May.
  17. Javier Santillán & Marc Bayle & Christian Thygesen, 2000. "The impact of the euro on money and bond markets," Occasional Paper Series 1, European Central Bank.
  18. Lee, Inmoo & et al, 1996. "The Costs of Raising Capital," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 19(1), pages 59-74, Spring.
  19. De Santis, Giorgio & Gerard, Bruno, 1998. "How big is the premium for currency risk?," Journal of Financial Economics, Elsevier, Elsevier, vol. 49(3), pages 375-412, September.
  20. Melnik, Arie L. & Plaut, Steven E., 1996. "Industrial structure in the Eurocredit underwriting market," Journal of International Money and Finance, Elsevier, Elsevier, vol. 15(4), pages 623-636, August.
  21. Clemens J.M. Kool, 2000. "International bond markets and the introduction of the Euro," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 41-56.
  22. Allayannis, George & Ihrig, Jane, 2001. "Exposure and Markups," Review of Financial Studies, Society for Financial Studies, Society for Financial Studies, vol. 14(3), pages 805-35.
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Cited by:
  1. Wagenvoort, Rien J.L.M. & Ebner, André & Morgese Borys, Magdalena, 2011. "A factor analysis approach to measuring European loan and bond market integration," Journal of Banking & Finance, Elsevier, Elsevier, vol. 35(4), pages 1011-1025, April.
  2. Pagano, Marco & von Thadden, Ernst-Ludwig, 2004. "The European Bond Markets Under EMU," CEPR Discussion Papers, C.E.P.R. Discussion Papers 4779, C.E.P.R. Discussion Papers.
  3. Hornuf, Lars & Engert, Andreas, 2013. "Can Network Effects Impede Optimal Contracting in Debt Securities?," Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79867, Verein für Socialpolitik / German Economic Association.
  4. Pierre-Richard Agenor & Joshua Aizenman, 2008. "Capital Market Imperfections and the Theory of Optimum Currency Areas," NBER Working Papers 14088, National Bureau of Economic Research, Inc.
  5. Lau, Sie Ting & Yu, Jing, 2010. "Does proximity matter in international bond underwriting?," Journal of Banking & Finance, Elsevier, Elsevier, vol. 34(9), pages 2027-2041, September.
  6. Galina Hale & Mark M. Spiegel, 2008. "Who drove the boom in euro-denominated bond issues?," Working Paper Series 2008-20, Federal Reserve Bank of San Francisco.
  7. Cândida Ferreira, 2009. "The European Credit Market and Institutions," Working Papers Department of Economics, ISEG - School of Economics and Management, Department of Economics, University of Lisbon 2009/26, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.
  8. Hale, Galina B. & Spiegel, Mark M., 2012. "Currency composition of international bonds: The EMU effect," Journal of International Economics, Elsevier, vol. 88(1), pages 134-149.
  9. Cândida Ferreira, 2009. "European Integration and the Credit Channel Transmission of Monetary Policy," Working Papers Department of Economics, ISEG - School of Economics and Management, Department of Economics, University of Lisbon 2009/07, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.
  10. Wagenvoort, Rien & Ebner, André & Morgese Borys, Magdalena, 2009. "EFR 2009-01 A factor analysis approach to measuring European loan and bond market integration," Economic and Financial Reports, European Investment Bank, Economics Department 2009/1, European Investment Bank, Economics Department.

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