Financial Contracting and the Choice Between Private Placement and Publicly Offered Bonds

Topics:
Investment and Capital Markets
Tags:
Bond,
Finance,
Financial,
Investment
Source:
Federal Reserve Bank of San Francisco

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Overview: From 1985 to 1995, 23 percent of the $4.3 trillion corporate bonds issued by U.S. corporations were privately placed, clearly indicating that private placement bonds represent an important source of funds to U.S. corporations. However, research on the structure and pricing of private placement corporate bonds is somewhat limited. Analyses of how firms choose between issuing bonds privately versus publicly are even rarer. This paper employs a large dataset of private placement and publicly offered bonds to shed light on these two issues.

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Format: PDF | Size: 186KB | Date: Nov 2003 | Pages: 43

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