English, Article edition: Application of the auction theory to the overpricing phenomenon in a corporate bond underwriting market Kenji Matsui

User activity

Share to:
 
Bookmark: http://trove.nla.gov.au/version/50934
Physical Description
  • article
Language
  • English

Edition details

Title
  • Application of the auction theory to the overpricing phenomenon in a corporate bond underwriting market
Author
  • Kenji Matsui
Physical Description
  • article
Notes
  • This short article demonstrates an application of price auction theory to a securities underwriting market, which is characterized by the competitive behaviours of investment houses. An investigation of newly issued Japanese straight bonds, reported in a letter by Matsui (2006), provided statistical evidence that issue yields tend to be set significantly lower than equilibrium yields. Consistent with that finding, the model presented in this letter demonstrates theoretically that increased underwriting competition reduces issue yields and that the degree of overpricing is positively correlated with the credit quality of the issuer.
  • RePEc:taf:apfelt:v:4:y:2008:i:6:p:457-460
Language
  • English
Contributed by
OAIster

Get this edition

  • Set up My libraries

    How do I set up "My libraries"?

    In order to set up a list of libraries that you have access to, you must first login or sign up. Then set up a personal list of libraries from your profile page by clicking on your user name at the top right of any screen.

  • All (1)
  • Unknown (1)
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.

User activity


e.g. test cricket, Perth (WA), "Parkes, Henry"

Separate different tags with a comma. To include a comma in your tag, surround the tag with double quotes.

Be the first to add a tag for this edition

Be the first to add this to a list

Comments and reviews

What are comments? Add a comment

No user comments or reviews for this version

Add a comment