Inventory-Constrained Underwriters and Corporate Bond Offerings
利用承销商与保险公司层面的交易数据，研究发现库存约束更强的承销商更倾向于将债券配售给关系密切的投资者，并在发行后6-12个月内回购部分配售，从而降低企业债券融资成本。
Abstract We empirically study how inventory constraints of underwriters affect corporate bond offerings. Using underwriter-insurer-level transaction data, we find that a more constrained underwriter is more likely to place a bond and increases the allocation in the primary market to an insurer with a stronger preexisting relationship. The same underwriter is also more likely to buy back part of an allocation from the same insurer within 6 to 12 months after an offering. Overall, by “parking” inventory to relationship investors in the primary market, underwriters mitigate the effect of their inventory constraints on firms’ bond financing costs.