Financial Contracting and the Choice between Private Placement and Publicly Offered Bonds
研究发现私募债券比公开发行债券更可能包含限制性契约，且多由规模较小、风险较高的公司发行。对于在两个市场都发债的投资级公司，它们会选择债券类型以最小化融资成本。
The financial contracting in private placement bonds and publicly offered bonds are different. Our data show that private placement bonds are more likely to have restrictive covenants than public bonds. Private placement bonds are also more likely to be issued by smaller and riskier firms. For investment‐grade firms that issue bonds in both markets, our analysis shows that firms select the bond type to minimize financing costs. We find significant differences in the pricing of private placement and publicly offered bonds, and some of these differences appear to be related to the different institutional features between the two markets.