Endo, Tadashi2012-06-012012-06-012008-06https://hdl.handle.net/10986/6864The 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.CC BY 3.0 IGOACCOUNTANTACCOUNTINGACCOUNTING STANDARDSAGENCY PROBLEMSAUCTIONBALANCE SHEETSBANK BORROWINGBANK DEPOSITSBANK LOANBANK LOANSBANKING SECTORSBANKRUPTCYBANKRUPTCY LAWSBENEFICIARIESBIDBOND CERTIFICATEBOND INVESTORSBOND ISSUEBOND ISSUESBONDHOLDERBOOK-ENTRYBORROWERBROKERSCAPITAL MARKETCAPITAL MARKETSCASH FLOWCASH FLOWSCASH INFLOWSCASH MANAGEMENTCASH OUTFLOWSCOLLATERALCOLLATERALIZATIONCOMMERCIAL BANKSCOMMON LAWCOMPANY LAWSCOMPETITIVE MARKETCONTRACTUAL SAVINGSCONTRACTUAL SAVINGS INSTITUTIONSCORPORATE BONDCORPORATE BOND INVESTMENTCORPORATE BOND ISSUANCECORPORATE BOND ISSUERSCORPORATE BOND ISSUESCORPORATE BOND MARKETCORPORATE BOND MARKET DEVELOPMENTCORPORATE BONDSCORPORATE DEBTCORPORATE GOVERNANCECOUPONCOUPON PAYMENTSCOUPON RATECREDIT QUALITYCREDIT RATINGCREDIT RATINGSCREDIT RISKCREDITORSCREDITWORTHINESSDEBTDEBT CAPITALDEBT ISSUANCEDEBT ISSUESDEBT MANAGEMENTDEBT MARKETDEBT SECURITIESDEVELOPING COUNTRIESDEVELOPMENT OF CORPORATE BOND MARKETSDISCLOSURE REQUIREMENTSDISCLOSURE STANDARDSDUE DILIGENCEECONOMIC DEVELOPMENTEMERGING DEBT MARKETSEMERGING ECONOMIESEMERGING ECONOMYEMERGING MARKETEMERGING MARKET ECONOMIESEMERGING MARKETSEQUITIESEQUITY CAPITALEQUITY SECURITIESEURO MARKETEUROBONDEXCHANGE COMMISSIONFINANCIAL CRISISFINANCIAL INSTITUTIONSFINANCIAL MARKETFINANCIAL SECTOR DEVELOPMENTFINANCIAL SECTOR INDICATORFINANCIAL STATEMENTSFIXED INCOMEFIXED INCOME SECURITIESFIXED INTERESTFOREIGN INVESTORSFRAUDGLOBAL ECONOMYGOVERNMENT BONDGOVERNMENT BOND MARKETSGOVERNMENT BONDSGOVERNMENT DEBTGOVERNMENT DEBT MARKETSHOLDINGINDIVIDUAL INVESTORSINFORMATION ASYMMETRYINSTITUTIONAL INVESTORINSTITUTIONAL INVESTORSINSURANCEINSURANCE COMPANIESINTEREST COSTINTEREST PAYMENTSINTEREST RATEINTEREST RATESINTERNATIONAL BANKINTERNATIONAL CAPITALINTERNATIONAL CAPITAL MARKETINVESTINGINVESTMENT BANKINVESTMENT DECISIONINVESTMENT OPPORTUNITIESINVESTMENT OPPORTUNITYINVESTMENT POLICIESINVESTMENT PORTFOLIOINVESTMENT PORTFOLIOSINVESTOR BASEINVESTOR PROTECTIONISLAMIC FINANCEISSUANCE OF BONDSJUNIOR CREDITORSLEGAL PROTECTIONLEGAL SYSTEMLEGAL SYSTEMSLIABILITYLIQUID MARKETLIQUID MARKETSLIQUID MONEYLIQUIDATIONLIQUIDITYLIQUIDITY PREMIUMLOAN MARKETSLOAN PROCESSINGLOCAL CURRENCIESLOCAL CURRENCYLOCAL MARKETLONG-TERM DEBTLONG-TERM INVESTMENTLONG-TERM INVESTORSMACROECONOMIC ENVIRONMENTMARKET CONDITIONSMARKET EFFICIENCYMARKET INFRASTRUCTUREMARKET INTERMEDIARIESMARKET MICROSTRUCTUREMARKET PARTICIPANTSMARKET PRACTITIONERSMARKET REGULATORMARKET RISKMARKET RISKSMARKET STRUCTUREMATURITYMATURITY MISMATCHESMONETARY AUTHORITYMONEY MARKETMONEY MARKET INSTRUMENTSMORAL HAZARDSMUTUAL FUNDSOPPORTUNITY COSTOPPORTUNITY COSTSOUTSTANDING AMOUNTOWNERSHIP STRUCTUREPENSIONPENSION FUNDSPRIMARY DEALERPRIMARY DEALER SYSTEMPRIMARY MARKETPRIVATE PLACEMENTPRIVATE PLACEMENTSPUBLIC DEBTPUBLIC DEBT MARKETSPUBLIC MARKETPUBLIC OFFERINGPUBLIC OFFERINGSPURE DEBTRATE OF RETURNREGISTRATION FEEREGISTRATION STATEMENTREGULATORY FRAMEWORKREGULATORY SYSTEMREINVESTMENTREINVESTMENT RISKSRENEGOTIATIONREPAYMENTREPAYMENTSRETAIL INVESTORSRETURNSRISK MANAGEMENTSECONDARY MARKETSECONDARY MARKET LIQUIDITYSECONDARY MARKET TRADINGSECURITIES LAWSECURITIES LAWSSECURITIES MARKETSECURITIES REGISTRATIONSECURITIES REGULATIONSECURITIES REGULATIONSSHAREHOLDERSHAREHOLDERSSTAMP DUTYSTOCK EXCHANGETAXTAX REGIMETRADINGTRADING COSTTRADING COSTSTRADING SYSTEMSTRANSACTIONTRANSFER AGENTTRUST INDENTURETRUSTEETYPE OF INVESTORSUNDERWRITERWorld Bank10.1596/1813-9450-4655