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Corporate bonds --- -Liquidity (Economics)

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COVID-19 (Disease) --- COVID-19 Pandemic, 2020 --- -Bond market. --- Corporate bonds --- Mutual funds

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This paper studies the extent to which access to domestic and international bond markets and syndicated loan markets and switches across them impact corporate debt maturity. Using world issuance activity during 1991-2014, the paper shows that different markets provide financing at different terms and that the importance of each market varies over time. Thus, the type of debt issued and its composition affect corporate maturity. During the global financial crisis of 2008-09, firms issued more bonds and, in developing countries, also more domestic loans. Because these markets are of longer maturity, the substitution across them allowed the largest firms that switched markets to maintain their average borrowing maturity, even when the maturity within each market declined for switchers and non-switchers. This evidence suggests that firms use different debt markets as complements and substitutes, and that compositional effects across firms and markets have a material impact on firm-specific and aggregate maturity.

Capital Raising --- Corporate Bonds --- Domestic and International Debt Markets --- Finance and Financial Sector Development --- International Economics & Trade

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This paper documents how firms in Arab countries issue equity, corporate bonds, and syndicated loans in domestic and international markets to obtain financing and grow. Using a new data set on issuance activity and firm performance, the paper finds that capital raising through these markets has grown rapidly since the early 1990s and involved an increasing number of issuing firms. Whereas the amounts raised (relative to gross domestic product) in equity and loan markets stand well with respect to international standards, bond issuance activity lags behind. Yet, bond financing has gained importance over time. Equity issuances primarily take place domestically, while bonds and loans are mostly issued internationally, display long maturities, and entail low levels of credit risk. Issuing firms are larger, grow faster, and are more leveraged than non-issuers. While issuers tend to be larger ex ante than non-issuers, the size gap between them seems to widen over time.

Capital Raising --- Corporate Bonds --- Domestic and International Debt Markets --- Equity --- Firm Financing --- Global Financial Crisis --- Issuance Activity --- Syndicated Loans --- Arab Countries

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La 4e de couverture indique : "Cet ouvrage complet et pédagogique se positionne comme une référence en matière d'analyse de la stratégie de gestion de portefeuille et de l'examen de la performance de cette gestion. Un soin particulier a été apporté dans la clarté et la mise en perspective critique de l'exposition des bases de la théorie moderne de portefeuille et de l'efficience des marchés, en précisant l'état de la science et de l'art en la matière. Ensuite, l'ouvrage passe en revue les classes d'instruments financiers susceptibles d'intégrer un portefeuille de valeurs mobilières, à savoir les actions, les titres à revenus fixes, les produits dérivés et les actifs alternatifs, avec leurs principes de valorisation et leurs propriétés dans le cadre de la gestion d'actifs. Les stratégies de gestion de portefeuille par classes homogènes ou dans une optique d'allocation d'actifs font l'objet d'un examen minutieux. Cette analyse est complétée par une partie importante consacrée à l'évaluation de la performance de portefeuille, permettant d'établir un lien concret entre la mise en œuvre des principes de gestion et le contrôle de leur qualité. Les innovations récentes en matière de stratégie et d'évaluation de la performance de portefeuille sont décrites avec objectivité et sans complaisance, mettant en exergue leurs avantages et faiblesses potentiels. Cette 3e édition actualisée et augmentée s'adresse aussi bien aux étudiants de Licence (Bac) et Maîtrise en Sciences économiques et de gestion qu'aux professionnels de la gestion de portefeuille et de l'asset management"

Portfolio management --- Investments --- Mathematical models --- Decision making --- Financial instruments --- Rate of return --- Gestion de portefeuille. --- Options (finances). --- Obligations (finances). --- Actions de sociétés. --- Options (Finance) --- Corporate bonds --- Portfolio management - Mathematical models --- Investments - Decision making - Mathematical models