Speed of Issuance, Lender Specialization, and the Rise of the 144A Debt Market
研究了1991-2004年间公开、144A和银行贷款市场的债务发行数据，发现144A市场的增长主要源于企业对发行速度的偏好，且银行和合格机构买家在处理信用风险和信息不对称方面具有优势。
Using a large sample of convertible and straight debt issues in the public, 144A, and bank loan markets from 1991 to 2004, we find that the 144A market has risen largely at the expense of the nonshelf public market, the overwhelming majority of the 144A issues are subsequently registered, and straight debt issuers with the highest credit quality and transparency tend to use the shelf public market. Our findings suggest that firms’ preference for speed of issuance drives the growth of the 144A market, and banks and qualified institutional buyers have advantages over public lenders in handling credit risk and information asymmetry.