The impact of introducing a (nearly) redundant security: Evidence from Malaysian corporate bonds

• 成果类型: Article
• 署名作者: Berndt, Antje; Helwege, Jean; Liu, Amanda; Packer, Frank
• 署名单位: Australian National University; University of California System; University of California Riverside; Bank for International Settlements (BIS)
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2026.104310
• 发表日期: 2026-09
• 页码: 104310
• 关键词: Redundant securities; Corporate bonds; Investor clienteles; Islamic bonds; Malaysia; Credit Default Swaps; financial innovation; MARKET; RISK; options; INFORMATION; returns; prices

摘要

We develop a general equilibrium model in which firms issue nearly redundant securities to investor clienteles with participation constraints, with prices and demand determined endogenously in primary and secondary markets. The model characterizes how issuance costs, market frictions, and investor composition shape firms' funding choices, equilibrium prices, and asset allocations. We test the model's predictions using data from the Malaysian corporate bond market following the introduction of Islamic bonds. Consistent with the model, issuance decisions reflect trade-offs between collateral and liquidity benefits, Islamic and conventional bonds coexist without crowding out, and the expanded investor base increases access to debt financing.