De facto seniority in the primary market for corporate bonds

DC Field	Value	Language
dc.contributor.author	Kim, Ju Hyun	-
dc.date.issued	2024-04-01	-
dc.identifier.issn	1544-6123	-
dc.identifier.uri	https://dspace.ajou.ac.kr/dev/handle/2018.oak/34020	-
dc.description.abstract	This paper documents the existence of de facto seniority in the primary market for corporate bonds. Analysis of Korean data from 2018 to 2021 shows that investors require larger yield spreads for debt with later maturities in an issuance cohort. This relation is robust to controlling for macroeconomic conditions, important issue characteristics, the stated use of proceeds, and alternate fixed effects.	-
dc.description.sponsorship	This work was supported by Ajou University\u2019s Fund for New Faculty, South Korea.	-
dc.language.iso	eng	-
dc.publisher	Elsevier Ltd	-
dc.title	De facto seniority in the primary market for corporate bonds	-
dc.type	Article	-
dc.citation.title	Finance Research Letters	-
dc.citation.volume	62	-
dc.identifier.bibliographicCitation	Finance Research Letters, Vol.62	-
dc.identifier.doi	10.1016/j.frl.2024.105116	-
dc.identifier.scopusid	2-s2.0-85187259092	-
dc.identifier.url	https://www.sciencedirect.com/science/journal/15446123	-
dc.subject.keyword	Bond maturity	-
dc.subject.keyword	Corporate bonds	-
dc.subject.keyword	De facto seniority	-
dc.subject.keyword	Issuance spread	-
dc.subject.keyword	Primary market	-
dc.description.isoa	false	-
dc.subject.subarea	Finance	-

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