Working Paper

11 September 2017

Trust, Social Capital, and the Bond Market Benefits of ESG Performance

We investigate whether a firm’s social capital, and the trust that it engenders, are viewed favorably by bondholders. Using firms’ environmental and social (E&S) performance to proxy for social capital, we find no...Read more

Hami Amiraslani | Karl Lins | Henri Servaes | Ane Tamayo
22 January 2018

Underwriter Competition and Bargaining Power in the Corporate Bond Market

We study the impact of underwriter competition on corporate bond contracts. We develop a new measure of underwriter power and a novel empirical approach, based on the underwriter’s comparative ability to place bonds. When an issuer...

Alberto Manconi | Ekaterina Neretina | Luc Renneboog
22 November 2018

Is it Worthwhile to Augment the Legal Protection of Public Debt Placed by Privately Held Companies?

We examine the effects of a law amendment in Israel in 2011 that imposes a set of minimum corporate governance standards on privately held firms that issue publicly traded bonds. Two main results emerge. First, consistent with US...

Keren Bar-Hava | Roi Katz | Beni Lauterbach