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Neu-Emissions-Prämien bei Anleihen - Eine empirische Untersuchung zu Existenz und Höhe von Prämien für Neu-Emissionen bei Unternehmensanleihen

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  • Daube, Carl Heinz
  • Krivenkov, Vladislav

Abstract

Despite the fact that underpricing in new-issued bonds has been part of the academic discussion since at least 1969, it never got the same attention as underpricing of stock market IPOs. This paper follows the discussion and analyzes the pricing of 1.566 fixed coupon Euro-dominated corporate bonds issued between 2009 and 2017. One of the main insights is a significant new-issue premium in the analyzed sample. The descriptive analysis of the realized issue premia is followed by a statistical modeling of these based on some bond characteristics.

Suggested Citation

  • Daube, Carl Heinz & Krivenkov, Vladislav, 2018. "Neu-Emissions-Prämien bei Anleihen - Eine empirische Untersuchung zu Existenz und Höhe von Prämien für Neu-Emissionen bei Unternehmensanleihen," EconStor Research Reports 179425, ZBW - Leibniz Information Centre for Economics.
    • Handle: RePEc:zbw:esrepo:179425
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    File URL: https://www.econstor.eu/bitstream/10419/179425/1/Empirische%20Untersuchung%20von%20Neu%20Emissions%20Pr%c3%a4mien%20bei%20Anleihen.pdf
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    References listed on IDEAS

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    1. Datta, Sudip & Iskandar-Datta, Mai & Patel, Ajay, 1997. "The Pricing of Initial Public Offers of Corporate Straight Debt," Journal of Finance, American Finance Association, vol. 52(1), pages 379-396, March.
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    More about this item

    Keywords

    Neu-Emissionsprämien; Anleihe-Emission;

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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