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Who issues debt securities in emerging countries?

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  • Mamoru, Nagano

Abstract

This paper focuses on the differences of capital market accessibility and investigates the determinants of firm debt securities issuance in emerging countries. The following results are derived from the empirical analysis. First, country panel analyses showed that the debt securities market development and domestic equity market development were positively related. Second, firm panel data analyses of ASEAN countries suggest that debt securities issuers and frequent equity issuers overlap. Third, analyses of daily stock price data of ASEAN firms reveal that debt securities are not issued for infrequent equity issuers, regardless of the stock price, whereas frequent equity issuers choose debt securities issuance as a funding tool when the stock price is low. Fourth, as compared to accessible frequent equity issuers, market-inaccessible firms are less sensitive to the financial cost of debt securities issuance.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 33623.

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Date of creation: 25 Jul 2011
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Handle: RePEc:pra:mprapa:33623

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Keywords: Debt Securities Issuance; Asian Bond Market; Corporate Finance;

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  1. Wurgler, Jeffrey, 2000. "Financial markets and the allocation of capital," Journal of Financial Economics, Elsevier, Elsevier, vol. 58(1-2), pages 187-214.
  2. Fama, Eugene F. & French, Kenneth R., 2005. "Financing decisions: who issues stock?," Journal of Financial Economics, Elsevier, Elsevier, vol. 76(3), pages 549-582, June.
  3. Vidhan K. Goyal & Alessandro Nova & Laura Zanetti, 2011. "Capital Market Access and Financing of Private Firms," International Review of Finance, International Review of Finance Ltd., International Review of Finance Ltd., vol. 11(2), pages 155-179, 06.
  4. E. P. Davis, 2001. "Multiple Avenues of Intermediation, Corporate Finance and Financial Stability," IMF Working Papers 01/115, International Monetary Fund.
  5. Omer Brav, 2009. "Access to Capital, Capital Structure, and the Funding of the Firm," Journal of Finance, American Finance Association, American Finance Association, vol. 64(1), pages 263-308, 02.
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