IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this article or follow this journal

Einflussfaktoren auf die Bondemissionsprämie im Bereich der alternativen Energien: Eine Note

  • Ludwig Kesch

    (Technische Universität Darmstadt, Fachgebiet für Unternehmensfinanzierung, Hochschulstraße 1, 64289 Darmstadt)

  • Daniel Maul

    ()

    (Technische Universität Darmstadt, Fachgebiet für Unternehmensfinanzierung, Hochschulstraße 1, 64289 Darmstadt)

  • Dirk Schiereck

    (Technische Universität Darmstadt, Fachgebiet für Unternehmensfinanzierung, Hochschulstraße 1, 64289 Darmstadt)

Registered author(s):

    The following analysis presents empirical evidence on the investor demanded risk premium at the bond issuance. The sample consists of bonds issued by alter native energy firms in Germany between 2008 and 2012. Our results show that besides the well-known influence of ratings, other factors may significantly influence bond spreads. As the size of the issue and the denomination increases, the yield spread decreases. Thus apparently, large issue sizes directed towards institutional investors are capable to benefit from favorable bond issues in the past. In addition, the economic climate and risk-free rate exhibit a significantly negative coefficient, indicating that positive economic climates as well as a high risk-free rate lead to lower issuance spreads. Thus, the currently prevailing low interest rate in conjunction with moderate economic growth results in increased spreads and therefore hampers bond placements. Enforcement measures by the BMU and BMWi could further exacerbate this unfavorable situation.

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below under "Related research" whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Article provided by Credit and Capital Markets in its journal Credit and Capital Markets.

    Volume (Year): 46 (2013)
    Issue (Month): 4 ()
    Pages: 523-554

    as
    in new window

    Handle: RePEc:kuk:journl:v:46:y:2013:i:4:p:523-554
    Contact details of provider: Web page: http://www.credit-and-capital-markets.de/

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:kuk:journl:v:46:y:2013:i:4:p:523-554. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Credit and Capital Markets)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.