Pricing New Corporate Bond Issues: An Analysis of Issue Cost and Seasoning Effects

William K. H. Fung · Andrew Rudd

71 citations0/0 files storedThe Journal of Finance

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Credit Risk and Financial Regulations Financial Markets and Investment Strategies Corporate Finance and Governance

Abstract

ABSTRACT The pricing of new corporate bond issues is examined, with particular emphasis on the seasoning effect and the cost of underwriting. Considerable attention is paid to some special features of the corporate bond market, including the use of actual trader quotes so as to accurately measure holding period returns. Our results suggest that the cost of issuing corporate bonds is less than previously reported.

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1966Some New Stock-Market Indexes 1971A Study of the Effects of Competition in the Tax-exempt Bond Market 1985The Rule 415 Experiment: Equity Markets 1984SEC Rule 415: The Ultimate Competitive Bid 1979The Impact of Underwriting Method and Bidder Competition Upon Corporate Bond Interest Cost

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