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German Mittelstand Bonds: Yield Spreads and Liquidity

Utz, Sebastian, Weber, Martina and Wimmer, Maximilian (2016) German Mittelstand Bonds: Yield Spreads and Liquidity. Journal of Business Economics 86 (1), pp. 103-129.

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Other URL: http://ssrn.com/abstract=2674534


Abstract

We estimate a cross-sectional model of the yield spreads of German Mittelstand bonds as a function of liquidity measures as well as a number of variables that control for both the characteristics of the issuing firm and the bond characteristics. Our results show a significant positive effect of illiquidity on the yield spread, which persists after controlling for the risk of the bond. ...

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Item type:Article
Date:14 January 2016
Institutions:Business, Economics and Information Systems > Institut für Betriebswirtschaftslehre > Lehrstuhl für Finanzierung (Prof. Dr. Gregor Dorfleitner)
Identification Number:
ValueType
10.1007/s11573-015-0791-3DOI
Classification:
NotationType
G12Journal of Economics Literature Classification
G32Journal of Economics Literature Classification
Keywords:German Mittelstand Bond, Liquidity, Yield Spread, SME, Minibonds
Dewey Decimal Classification:300 Social sciences > 330 Economics
Status:Published
Refereed:Unknown
Created at the University of Regensburg:Partially
Item ID:32590
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