Publication:
Broadening the Offering Choice of Corporate Bonds in Emerging Markets : Cost-Effective Access to Debt Capital

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dc.contributor.authorEndo, Tadashi
dc.date.accessioned2012-06-01T15:55:26Z
dc.date.available2012-06-01T15:55:26Z
dc.date.issued2008-06
dc.description.abstractThe development of corporate bond markets has been constrained in many emerging economies, partly because the regulatory model is implicitly designed for stand-alone public offerings. Corporate bonds are intrinsically more suitable for non-retail investors than for retail investors. Nonetheless, the prevailing regulatory model puts an excessive emphasis on disclosure and investor protection as well as government oversight, regardless of targeted investors. Such a non-differentiating regulatory approach disconnects issuers from investors by considerably raising opportunity costs to issuers. Broadening the choice of offering methods would lower corporate bond issuance costs, thereby allowing more issuers to finance their investments with bond issues. Additional forms of offerings are traditional private placements, institutional offerings, and shelf registration facilitated by integrated disclosure.en
dc.identifierhttp://documents.worldbank.org/curated/en/2008/06/9596891/broadening-offering-choice-corporate-bonds-emerging-markets-cost-effective-access-debt-capital
dc.identifier.doi10.1596/1813-9450-4655
dc.identifier.urihttps://hdl.handle.net/10986/6864
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper No. 4655
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTANT
dc.subjectACCOUNTING
dc.subjectACCOUNTING STANDARDS
dc.subjectAGENCY PROBLEMS
dc.subjectAUCTION
dc.subjectBALANCE SHEETS
dc.subjectBANK BORROWING
dc.subjectBANK DEPOSITS
dc.subjectBANK LOAN
dc.subjectBANK LOANS
dc.subjectBANKING SECTORS
dc.subjectBANKRUPTCY
dc.subjectBANKRUPTCY LAWS
dc.subjectBENEFICIARIES
dc.subjectBID
dc.subjectBOND CERTIFICATE
dc.subjectBOND INVESTORS
dc.subjectBOND ISSUE
dc.subjectBOND ISSUES
dc.subjectBONDHOLDER
dc.subjectBOOK-ENTRY
dc.subjectBORROWER
dc.subjectBROKERS
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKETS
dc.subjectCASH FLOW
dc.subjectCASH FLOWS
dc.subjectCASH INFLOWS
dc.subjectCASH MANAGEMENT
dc.subjectCASH OUTFLOWS
dc.subjectCOLLATERAL
dc.subjectCOLLATERALIZATION
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMMON LAW
dc.subjectCOMPANY LAWS
dc.subjectCOMPETITIVE MARKET
dc.subjectCONTRACTUAL SAVINGS
dc.subjectCONTRACTUAL SAVINGS INSTITUTIONS
dc.subjectCORPORATE BOND
dc.subjectCORPORATE BOND INVESTMENT
dc.subjectCORPORATE BOND ISSUANCE
dc.subjectCORPORATE BOND ISSUERS
dc.subjectCORPORATE BOND ISSUES
dc.subjectCORPORATE BOND MARKET
dc.subjectCORPORATE BOND MARKET DEVELOPMENT
dc.subjectCORPORATE BONDS
dc.subjectCORPORATE DEBT
dc.subjectCORPORATE GOVERNANCE
dc.subjectCOUPON
dc.subjectCOUPON PAYMENTS
dc.subjectCOUPON RATE
dc.subjectCREDIT QUALITY
dc.subjectCREDIT RATING
dc.subjectCREDIT RATINGS
dc.subjectCREDIT RISK
dc.subjectCREDITORS
dc.subjectCREDITWORTHINESS
dc.subjectDEBT
dc.subjectDEBT CAPITAL
dc.subjectDEBT ISSUANCE
dc.subjectDEBT ISSUES
dc.subjectDEBT MANAGEMENT
dc.subjectDEBT MARKET
dc.subjectDEBT SECURITIES
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPMENT OF CORPORATE BOND MARKETS
dc.subjectDISCLOSURE REQUIREMENTS
dc.subjectDISCLOSURE STANDARDS
dc.subjectDUE DILIGENCE
dc.subjectECONOMIC DEVELOPMENT
dc.subjectEMERGING DEBT MARKETS
dc.subjectEMERGING ECONOMIES
dc.subjectEMERGING ECONOMY
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKET ECONOMIES
dc.subjectEMERGING MARKETS
dc.subjectEQUITIES
dc.subjectEQUITY CAPITAL
dc.subjectEQUITY SECURITIES
dc.subjectEURO MARKET
dc.subjectEUROBOND
dc.subjectEXCHANGE COMMISSION
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL SECTOR DEVELOPMENT
dc.subjectFINANCIAL SECTOR INDICATOR
dc.subjectFINANCIAL STATEMENTS
dc.subjectFIXED INCOME
dc.subjectFIXED INCOME SECURITIES
dc.subjectFIXED INTEREST
dc.subjectFOREIGN INVESTORS
dc.subjectFRAUD
dc.subjectGLOBAL ECONOMY
dc.subjectGOVERNMENT BOND
dc.subjectGOVERNMENT BOND MARKETS
dc.subjectGOVERNMENT BONDS
dc.subjectGOVERNMENT DEBT
dc.subjectGOVERNMENT DEBT MARKETS
dc.subjectHOLDING
dc.subjectINDIVIDUAL INVESTORS
dc.subjectINFORMATION ASYMMETRY
dc.subjectINSTITUTIONAL INVESTOR
dc.subjectINSTITUTIONAL INVESTORS
dc.subjectINSURANCE
dc.subjectINSURANCE COMPANIES
dc.subjectINTEREST COST
dc.subjectINTEREST PAYMENTS
dc.subjectINTEREST RATE
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL CAPITAL
dc.subjectINTERNATIONAL CAPITAL MARKET
dc.subjectINVESTING
dc.subjectINVESTMENT BANK
dc.subjectINVESTMENT DECISION
dc.subjectINVESTMENT OPPORTUNITIES
dc.subjectINVESTMENT OPPORTUNITY
dc.subjectINVESTMENT POLICIES
dc.subjectINVESTMENT PORTFOLIO
dc.subjectINVESTMENT PORTFOLIOS
dc.subjectINVESTOR BASE
dc.subjectINVESTOR PROTECTION
dc.subjectISLAMIC FINANCE
dc.subjectISSUANCE OF BONDS
dc.subjectJUNIOR CREDITORS
dc.subjectLEGAL PROTECTION
dc.subjectLEGAL SYSTEM
dc.subjectLEGAL SYSTEMS
dc.subjectLIABILITY
dc.subjectLIQUID MARKET
dc.subjectLIQUID MARKETS
dc.subjectLIQUID MONEY
dc.subjectLIQUIDATION
dc.subjectLIQUIDITY
dc.subjectLIQUIDITY PREMIUM
dc.subjectLOAN MARKETS
dc.subjectLOAN PROCESSING
dc.subjectLOCAL CURRENCIES
dc.subjectLOCAL CURRENCY
dc.subjectLOCAL MARKET
dc.subjectLONG-TERM DEBT
dc.subjectLONG-TERM INVESTMENT
dc.subjectLONG-TERM INVESTORS
dc.subjectMACROECONOMIC ENVIRONMENT
dc.subjectMARKET CONDITIONS
dc.subjectMARKET EFFICIENCY
dc.subjectMARKET INFRASTRUCTURE
dc.subjectMARKET INTERMEDIARIES
dc.subjectMARKET MICROSTRUCTURE
dc.subjectMARKET PARTICIPANTS
dc.subjectMARKET PRACTITIONERS
dc.subjectMARKET REGULATOR
dc.subjectMARKET RISK
dc.subjectMARKET RISKS
dc.subjectMARKET STRUCTURE
dc.subjectMATURITY
dc.subjectMATURITY MISMATCHES
dc.subjectMONETARY AUTHORITY
dc.subjectMONEY MARKET
dc.subjectMONEY MARKET INSTRUMENTS
dc.subjectMORAL HAZARDS
dc.subjectMUTUAL FUNDS
dc.subjectOPPORTUNITY COST
dc.subjectOPPORTUNITY COSTS
dc.subjectOUTSTANDING AMOUNT
dc.subjectOWNERSHIP STRUCTURE
dc.subjectPENSION
dc.subjectPENSION FUNDS
dc.subjectPRIMARY DEALER
dc.subjectPRIMARY DEALER SYSTEM
dc.subjectPRIMARY MARKET
dc.subjectPRIVATE PLACEMENT
dc.subjectPRIVATE PLACEMENTS
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC DEBT MARKETS
dc.subjectPUBLIC MARKET
dc.subjectPUBLIC OFFERING
dc.subjectPUBLIC OFFERINGS
dc.subjectPURE DEBT
dc.subjectRATE OF RETURN
dc.subjectREGISTRATION FEE
dc.subjectREGISTRATION STATEMENT
dc.subjectREGULATORY FRAMEWORK
dc.subjectREGULATORY SYSTEM
dc.subjectREINVESTMENT
dc.subjectREINVESTMENT RISKS
dc.subjectRENEGOTIATION
dc.subjectREPAYMENT
dc.subjectREPAYMENTS
dc.subjectRETAIL INVESTORS
dc.subjectRETURNS
dc.subjectRISK MANAGEMENT
dc.subjectSECONDARY MARKET
dc.subjectSECONDARY MARKET LIQUIDITY
dc.subjectSECONDARY MARKET TRADING
dc.subjectSECURITIES LAW
dc.subjectSECURITIES LAWS
dc.subjectSECURITIES MARKET
dc.subjectSECURITIES REGISTRATION
dc.subjectSECURITIES REGULATION
dc.subjectSECURITIES REGULATIONS
dc.subjectSHAREHOLDER
dc.subjectSHAREHOLDERS
dc.subjectSTAMP DUTY
dc.subjectSTOCK EXCHANGE
dc.subjectTAX
dc.subjectTAX REGIME
dc.subjectTRADING
dc.subjectTRADING COST
dc.subjectTRADING COSTS
dc.subjectTRADING SYSTEMS
dc.subjectTRANSACTION
dc.subjectTRANSFER AGENT
dc.subjectTRUST INDENTURE
dc.subjectTRUSTEE
dc.subjectTYPE OF INVESTORS
dc.subjectUNDERWRITER
dc.titleBroadening the Offering Choice of Corporate Bonds in Emerging Markets : Cost-Effective Access to Debt Capitalen
dspace.entity.typePublication
okr.crossref.titleBroadening The Offering Choice Of Corporate Bonds In Emerging Markets: Cost-Effective Access To Debt Capital
okr.date.doiregistration2025-04-10T09:19:01.943911Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2008/06/9596891/broadening-offering-choice-corporate-bonds-emerging-markets-cost-effective-access-debt-capital
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid874571468137698611
okr.identifier.doi10.1596/1813-9450-4655
okr.identifier.externaldocumentum000158349_20080625081635
okr.identifier.internaldocumentum9596891
okr.identifier.reportWPS4655
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2008/06/25/000158349_20080625081635/Rendered/PDF/wps4655.pdfen
okr.topicFinance and Financial Sector Development::Microfinance
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Deposit Insurance
okr.topicFinance and Financial Sector Development::Debt Markets
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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