scholarly journals The Development of Corporate Bond Markets: A Cross-Country Analysis

2015 ◽  
Vol 8 (1) ◽  
pp. 50 ◽  
Author(s):  
Dung P. Le ◽  
Quang T. T. Nguyen ◽  
Toan M. Nguyen
Keyword(s):  
Developing Countries ◽  
Exchange Rates ◽  
Method Of Moments ◽  
Generalized Method Of Moments ◽  
Corporate Bonds ◽  
Corporate Bond ◽  
Bond Markets ◽  
Exchange Rate Variability ◽  
Country Analysis ◽  
Cross Country

<p>This study examines how macro-determinants influence corporate bonds by firms in 90 developed and developing countries over the period of 1970-2013. Employing Generalized Method of Moments (GMM) model, the study explores whether exchange rate variability and the openess of the economy have a significant impact on corporate bonds of firms. Specifically, it examines whether increased variability of exchange rates, increases the issuing of corporate bonds by the firms in these countries, or whether corporate bonds are used less by firms in countries where there is greater openness.<strong></strong></p>

Drivers and brakes on the development of corporate bond markets of developed and developing countries

2019 ◽  
pp. 77-100
Author(s):  
Tamara V. Teplova ◽  
Tatyana V. Sokolova ◽  
Kristina V. Galenskaya
Keyword(s):  
Developing Countries ◽  
Institutional Environment ◽  
Generalized Method Of Moments ◽  
Positive Influence ◽  
Corporate Bond ◽  
Institutional Factors ◽  
Bond Markets ◽  
Corporate Bond Market ◽  
The Russian Federation

This paper analyzes the trends in the corporate bond market of the Russian Federation and considers its weaknesses. The authors first empirically investigate determinants of the development of corporate bond markets with account of different sensitivity to the influence of institutional factors for different groups of countries. Research methods include multifactor regressions and generalized method of moments. The sample includes 28 developed and developing countries. The authors obtain new results on the influence of institutional factors on corporate bond markets: in particular, a positive influence of quality of institutional environment on the fast-growing Next11 countries is revealed, as well as the significance of human capital for a number of developing countries.

Does financial integration drive export diversification? Evidence from a cross-country analysis

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Bhushan Praveen Jangam ◽  
Vaseem Akram
Keyword(s):  
Method Of Moments ◽  
Financial Integration ◽  
Generalized Method Of Moments ◽  
Capital Inflows ◽  
Export Diversification ◽  
Content Type ◽  
Country Analysis ◽  
Research Gap ◽  
Cross Country ◽  
Vital Factor

Purpose The purpose of this paper is to examine the nexus between financial integration and export diversification. Design/methodology/approach The authors consider 96 economies spanning over the period 1995-2014. To provide broader insights, the authors categorize 96 economies into developed, developing, high and low diversified panels. Both volume and equity-based measures of financial integration are used. The generalized method of moments (GMM) method is used to analyze the link between financial integration and export diversification. Findings The results derived from GMM indicate that financial integration is a vital factor of export diversification. Further, the findings reveal similar conclusions for developed, developing, high and low diversified panels. Research limitations/implications The outcome of this study suggests that promoting the financial integration of markets by lowering the restrictions on capital inflows helps countries to lower the risk and diversify their exports. Originality/value Though there exists enormous literature on export diversification, the nexus between financial integration and export diversification is limited. The present study bridges this research gap.

Corporate Bond Markets

2019 ◽  
pp. 113-130
Author(s):  
Kelly E. Carter
Keyword(s):  
Interest Rates ◽  
Credit Ratings ◽  
Corporate Bonds ◽  
Corporate Bond ◽  
Bond Markets ◽  
Bond Prices ◽  
Wall Street ◽  
Yield Curves ◽  
Bond Portfolios ◽  
The Impact

This chapter covers the fundamentals of corporate bond markets. It begins by highlighting the size and importance of these markets, followed by a discussion of the major types of corporate bonds and the process of issuing bonds. Next, the chapter provides a discussion of important relationships between a bond’s price and market interest rates, including the key observation that bond prices move opposite market interest rates. The next topic focuses on duration and convexity, which are techniques to estimate the dollar and percent changes in bond prices for a given change in market interest rates, followed by a discussion of bond immunization, which is a technique used to protect the value of bond portfolios from adverse changes in market interest rates. The final topics covered concern yield curves, credit ratings, and the impact of the Dodd-Frank Wall Street Reform Act of 2010 on corporate bond markets.

scholarly journals Corporate Governance from a Cross-Country Perspective and a Comparison with Romania

2021 ◽  
Vol 14 (12) ◽  
pp. 600
Author(s):  
Bogdan Aurelian Mihail ◽  
Dalina Dumitrescu
Keyword(s):  
Developing Countries ◽  
Corporate Governance ◽  
Stock Market Development ◽  
Corporate Transparency ◽  
Governance Indicators ◽  
Corporate Governance Codes ◽  
Country Analysis ◽  
Cross Country ◽  
Director Liability ◽  
And Control

This paper investigates corporate governance from a cross-country perspective and makes a comparison with Romania. There are studies that examine the corporate governance issues related to Romanian companies, but these studies provide only qualitative and descriptive accounts of the research topic, with limited cross-country analysis. The present paper complements the literature by producing a quantitative analysis of cross-country corporate governance and makes a comparison with Romania. For this purpose, a set of corporate governance indicators from a large sample of 39 advanced and developing countries was collected for the 2006–2020 period. In terms of corporate governance dimensions, it was found that Romania underperforms other developing countries in the dimensions of director liability and ownership and control, while it outperforms them in the dimensions of corporate transparency, disclosure, and shareholder rights. The results indicate that the stagnant corporate governance scores and the low development level of stock markets stand out as important business challenges for the country. The correlation and regression analyses show that stock market development is closely associated with corporate governance dimensions and, overall, corporate governance scores matter greatly for the economic growth of countries, such as Romania, which can benefit greatly from the improvement of corporate governance codes and practices in the private sector.

scholarly journals REGULATION OF THE ISSUE AND CIRCULATION OF CORPORATE BONDS IN EASTERN EUROPE

2021 ◽  
Author(s):  
Dariia Vasylieva ◽  
Keyword(s):  
Eastern Europe ◽  
Information Disclosure ◽  
Corporate Bonds ◽  
Regulatory Reform ◽  
Bond Market ◽  
Corporate Bond ◽  
Bond Markets ◽  
Bond Issue ◽  
Corporate Bond Market ◽  
Policy Initiatives

The formation and development of the corporate bond market is influenced by global regulatory reform and other government policy initiatives that affect all financial markets. Political, legislative, regulatory and fiscal changes must be well adapted to support the viability of corporate bond markets (both domestic and international). Financial market policy in general should not slow down bond markets, but should ensure optimal interaction between investors and issuers. Historical examples show how regulation, legislation, and other aspects of public policy can stimulate or slow down corporate bond markets. Currently, access to bond markets is limited for most companies due to the high cost of issuance, but the corporate bond market continues to expand. Regulation of the corporate bond market is a key factor that determines the possibility of attracting financial resources through this debt instrument from domestic and foreign investors. In this respect, it is important to pay attention not only to the issue of specific new regulatory and policy initiatives, but also to a careful review of the overall legal and regulatory framework. The purpose of the article is to systematize and analyze the legal framework for the issuance and circulation of corporate bonds in Eastern Europe. The article lists the main transactions in corporate bonds during their life cycle. The difference between the concepts of "corporate bond issue" and "corporate bond circulation" is substantiated. An analysis of the specifics of corporate bond regulation on the example of Ukraine, Bulgaria, Poland, Romania, Slovakia, Slovenia, Hungary and Croatia is carried out. The list of the basic laws of the countries of Eastern Europe regulating issue and circulation of corporate bonds is given. The common and distinctive features in the reporting and methods of information disclosure by corporate bond issuers in Ukraine and other Eastern European countries are analyzed. The structure of the corporate bond issue prospectus is determined. The main innovations in the Ukrainian legislation on the regulation of the issue and circulation of corporate bonds are analyzed.

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