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Debt Ipo Waves, Investor Sentiment, Market Conditions, And Issue Quality
dc.contributor.authorCai, Kelly Nianyunen_US
dc.contributor.authorJiang, Xiaoquanen_US
dc.contributor.authorLee, Hei Waien_US
dc.date.accessioned2014-01-08T20:34:46Z
dc.date.available2015-02-03T16:14:39Zen_US
dc.date.issued2013-12en_US
dc.identifier.citationCai, Kelly Nianyun; Jiang, Xiaoquan; Lee, Hei Wai (2013). "Debt Ipo Waves, Investor Sentiment, Market Conditions, And Issue Quality." Journal of Financial Research 36(4): 435-452.en_US
dc.identifier.issn0270-2592en_US
dc.identifier.issn1475-6803en_US
dc.identifier.urihttps://hdl.handle.net/2027.42/102142
dc.description.abstractWe examine the aggregate volume of straight debt initial public offerings (DIPOs) from 1970 to 2010. We find that aggregate DIPO activities display wave patterns. Both the number and total proceeds of DIPOs vary substantially over time. DIPO volume is significantly associated with yield spread, aggregate book‐to‐market ratio, stock return volatility, lagged equity IPO volume, and term spread, suggesting that investor sentiment and capital market conditions play significant roles in explaining time variations in DIPO volume. We also find that speculative‐grade DIPO issues synchronize with the business cycles, while investment‐grade issues display a steady or countercyclical pattern.en_US
dc.publisherWiley Periodicals, Inc.en_US
dc.titleDebt Ipo Waves, Investor Sentiment, Market Conditions, And Issue Qualityen_US
dc.typeArticleen_US
dc.rights.robotsIndexNoFollowen_US
dc.subject.hlbsecondlevelFinanceen_US
dc.subject.hlbtoplevelBusinessen_US
dc.description.peerreviewedPeer Revieweden_US
dc.description.bitstreamurlhttp://deepblue.lib.umich.edu/bitstream/2027.42/102142/1/jfir12018.pdf
dc.identifier.doi10.1111/jfir.12018en_US
dc.identifier.sourceJournal of Financial Researchen_US
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dc.owningcollnameInterdisciplinary and Peer-Reviewed


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