On the Seasoning Process of New Bonds: Some are More Seasoned than Others
研究新发行债券与已发行债券之间的收益率差异，分析微观和宏观经济因素如何影响这种价差，对债券投资者和金融学者有参考价值。
In recent years, there have been a number of studies investigating the yield spread phenomena between new and seasoned bonds ([1], [2], [3], [4], [8], [10], [13]). This literature focuses upon two aspects of the equilibrium pricing of new versus seasoned bonds: (l) analysis of the microeconomic determinants of new issue/seasoned issue yield spreads such as specific differences in coupon rates, call features, maturity features, and the like; and (2) analysis of macroeconomic determinants of yield spreads such as economic growth, interest rate cycles, changing marginal tax rates, and the like.