The Pricing of Initial Public Offers of Corporate Straight Debt
研究公司普通债券IPO的首日及后续价格表现，发现投机级债券IPO被低估（类似股票IPO），而投资级债券被高估；债券评级、上市地点和承销商声誉是决定回报的关键因素。
ABSTRACT This study examines the initial‐day and aftermarket price performance of corporate straight debt IPOs. We find that IPOs of speculative grade debt are underpriced like equity IPOs, while those rated investment grade are overpriced. IPOs of investment grade debt are typically issued by firms listed on the major exchanges and underwritten by prestigious underwriters. In contrast, junk bond IPOs are more likely to be handled by less prestigious underwriters and are typically issued by OTC firms. Our analysis also reveals that bond rating, market listing of the firm, and investment banker quality are significant determinants of bond IPO returns.