The Variety of Maturities Offered by Firms and Institutional Investment in Corporate Bonds

• 成果类型: Article
• 署名作者: Dass, Nishant; Massa, Massimo
• 署名单位: University System of Georgia; Georgia Institute of Technology; INSEAD Business School
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhu028
• 发表日期: 2014
• 页码: 2219
• 关键词: LENDING RELATIONSHIPS; capital structure; financial intermediation; RELATIONSHIP BANKING; demand curves; DEBT ISSUES; short-term; CHOICE; equity; MARKET

摘要

We study how a firm's decision to offer bonds of various maturities affects the portfolio allocations of institutional investors. We argue that because of lower information-collection costs, institutional investors tilt their portfolios towards firms that offer bonds of various maturities. We show that this translates into lower bond yields, both in the primary and in the secondary bond markets.