Pricing New Corporate Bond Issues: An Analysis of Issue Cost and Seasoning Effects
研究新公司债的定价，重点分析熟化效应和承销成本，利用交易商报价准确衡量持有期收益，发现发行成本低于以往报告。
ABSTRACT The pricing of new corporate bond issues is examined, with particular emphasis on the seasoning effect and the cost of underwriting. Considerable attention is paid to some special features of the corporate bond market, including the use of actual trader quotes so as to accurately measure holding period returns. Our results suggest that the cost of issuing corporate bonds is less than previously reported.