Publications

We analyze whether banks and industrial companies have equal access to debt markets through reputable underwriters and explore the determinants of that matching for both types of firms. Using a sample of European corporate bonds during the years 2003–2013, we find that the odds of matching with a reputable underwriter were about 1.5 times greater for non-financial companies than for banks. The odds of matching with a reputable underwriter were 10.92 times lower for a bank during the crisis. As for the determinants of the matching probability, the marginal effect of the bond size on the matching probability is 1.70 larger for non-financial firms than for banks. Furthermore, the effect of bond size is greater for large non-financial companies than for large banks while the effect of maturity is larger for banks than for non-financial companies.

Carbó, S., P.J. Cuadros and F. Rodríguez (2017): “Do banks and industrial companies have equal access to reputable underwriters in debt markets?”, Journal of Corporate Finance, 45, August, pp. 176-202.