Bank Debt versus Bond Debt: Evidence from Secondary Market Prices

This paper uses a new data set of daily secondary market prices of loans to analyze the specialness of banks as monitors. Consistent with a monitoring advantage of loans over bonds, we find the secondary loan market to be informationally more efficient than the secondary bond market prior to a loan default. Specifically, we find that secondary market loan returns Granger cause secondary market bond returns prior to a loan default. In contrast, secondary market bond returns do not Granger cause secondary market loan returns prior to a loan default.     

谈银行的次级债务与市场约束

我国银监会近日已决定将符合规定条件的次级债务计入银行附属资本,来缓解我国商业银行资本先天不足、资本补充渠道单一的状况。但是我们不能仅关注次级债弥补银行资本的作用,还应重视并发挥次级债对银行的市场约束作用。     

欧元区主权债务市场的特征分析及启示

长久以来,欧元区被认为是迄今为止最成功的货币经济一体化的典范.然而,欧盟统一大市场一直存在着由于成员围经济差异而造成的不对称冲击.此次欧元区主权债务危机的发生也从另一个侧面提出了重新审视欧元区金融市场一体化的要求.本文分析了欧元区主权债务市场的特征和不对称冲击对欧元区主权债务市场的影响,为解读当前发生的欧洲主权债务危机提供了一个更为全面的视野,并指出市场特征对包括中国在内的新兴国家或转轨经济国家主权债务管理的借鉴意义.     

再看永煤风波——对二级市场的冲击及启示

截至2020年11月10日终,永煤控股因流动性紧张未能按期足额兑付资金,20永煤SCP003构成实质性违约。至2021年1月,20永煤SCP003已完成付息及部分本金兑付,剩余本金则协商展期。在违约债券处置中,永煤控股的处置效率相对较高,但永煤风波对于债券市场、货币市场的冲击远未消散,市场主体对于该事件的反思亦远未停止。     

论国债二级市场的有效运作

1998年以来,我国实行积极的财政政策,国债余额到2005年底已超过3万亿元,投资于基础设施建设,扩大了国内需求,拉动了经济增长。今后一段时期内,国家将继续增加国债的发行。国债二级市场已经成为关系国民经济发展的一个重要因素。要进一步发展完善国债二级市场,就必须要解决一些问题,如确定适当规模、合理搭配品种、提高流动性等。这对国债功能的发挥、积极财政政策效用的发挥都起着积极的作用。论文最后对完善国债二级市场,实现国债二级市场的有效运作提出了建议。     

Financial Restatements, Cost of Debt and Information Spillover: Evidence From the Secondary Loan Market

Abstract:  In this paper, we investigate the effect of financial restatements on the debt market. Specifically, we focus on the secondary loan market, which has become one of the largest capital markets in the US, and ask the following: (1) whether financial restatements increase restating firm's cost of debt financing and (2) whether the information about restatements arrives at the secondary loan market earlier than at the stock market? Using 176 restatement data, we find significant negative abnormal loan returns and increased bid-ask spreads around restatement announcements. Furthermore, this negative loan market reaction is more pronounced when the restatement is initiated by either the SEC or auditors, and when the primary reason for restatement is related to revenue recognition issues. Additionally, we find restatement information arrives at the secondary loan market earlier than at the equity market, and that such private information quickly flows into the equity market. We also show that stock prices begin to decline approximately 30 days prior to the restatement announcements for firms with traded loans. However, we do not find such informational leakage for firms without traded loans. Collectively, the results of this paper suggest: (1) increased cost of debt financing after restatements and (2) superior informational efficiency of the secondary loan market to the stock market.     

Debt Relief and Economic Growth in Mexico

Could external restraint and internal balance in Mexico havebeen reconciled at levels of savings and investment that allowedsatisfactory growth in output without the 1989–90 restructuringof debt? What are the likely implications of Mexico's "Bradydeal" on economic growth? What are the macroeconomic effectsof debt-equity swaps? This article develops and estimates amodel to address these issues. The analysis concludes that the1989–90 agreement in Mexico will contribute materiallyto macroeconomic stability and the restoration of economic growth.     

发展完善我国国债二级市场的思考

作为国债转让和流通的主要场所，我国国债二级市场在整个国债市场乃至金融市场中扮演着日益重要的角色；但同时、缺乏流动性、制度建设不完善等因素也制约其进一步发展。完善与发展我国国债二级市场的对策有：建立全国统一、多层次、多元化的国债交易市场；推进利率市场化改革；优化交易主体结构；完善市场制度建设；加强和完善对国债二级市场的监管体系等。     

Market Discounts and Shareholder Gains for Placing Equity Privately

Despite selling at substantial discounts, private placements of equity are associated with positive abnormal returns. We find evidence that discounts reflect information costs borne by private investors and abnormal returns reflect favorable information about firm value. Results are consistent with the role of private placements as a solution to the Myers and Majluf underinvestment problem and with the use of private placements to signal undervaluation. We also find some evidence of anticipated monitoring benefits from private sales of equity. For the smaller firms that comprise our sample, information effects appear to be relatively more important than ownership effects.     

市场约束对商业银行次级债定价的影响分析

我国商业银行一直将发行次级债券作为补充资本金的有效途径。理论上,作为巴塞尔资本协议三大支柱之一的市场约束一直是影响次级债券定价的重要因素,文章通过实证分析发现,在我国传统四大商业银行股份制改造完成之前,这种约束作用并不明显。然而四大商业银行之中的三家成功上市,有效的扭转了这种市场约束失效的局面,次级债券的定价在市场的监督下趋于合理。