Global vs. domestic bonds: gains for issuers
研究了2000-2023年间全球债券与国内债券发行对企业的不同收益，发现全球债券发行能降低融资成本、提升股票流动性、吸引外国和长期机构投资者，并带来短期估值收益。
This study investigates the differential benefits accruing to firms that issue global bonds relative to those issuing domestic bonds. Employing a comprehensive international dataset comprising 11,852 public corporate fixed-rate global bonds and 107,877 domestic bonds denominated in global currencies issued by publicly listed firms over the period 2000–2023, we document that global bond issuance is associated with significantly lower financing costs, enhanced stock market liquidity, increased participation by foreign and long-term institutional investors, and short-term valuation gains. The empirical findings lend support to the investor recognition hypothesis, demonstrating that global bond issuance confers benefits beyond immediate capital-raising objectives by influencing ownership composition and stock market dynamics.