How do Bond Issuers Choose their Target Market: From the perspective of Investor Protection
| Autor: | 葉宗浩 |
|---|---|
| Rok vydání: | 2013 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 101 A sample of global bond issue data from 1994 to 2012 is employed in this paper. Following La Porta et al.(1998) which investigated investor protection in 49 main countries, this paper investigates the impact of shareholder and creditor protection on the choice of the location where cross-border bonds will be issued. The result shows locations with better shareholder protection are more attractive to bond issuers. The evidence discovers that countries with better shareholder protection have less bonds issued outside of their countries and their bond markets consist of more foreign bond issuers from countries with worse protection. On the other hand, creditor protection has the opposite effect. Evidence shows that countries with better creditor protection have more bonds issued outside of their countries and consisting of less foreign bond issuers from countries with worse protection in their bond markets. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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