İşletme Fakültesi Seminerler Serisi / Cihan Uzmanoğlu

Title: Clientele Effects Explain the Decline in Corporate Bond Maturities

Abstract: The average maturity of newly issued corporate bonds has declined substantially over the past 40 years, and traditional determinants of debt maturity fail to explain the trend. We show that the changing composition of the investors in the corporate bond market resolves this puzzle. The results of a Granger causality test, an instrumental variable approach, a natural experiment, and a regulatory study suggest that a decline in insurance company ownership in bonds leads to shorter bond maturities. These findings illustrate how developments in financial institutions can have real effects on corporations.

Yer : AB2-345 nolu Toplantı Odası