Deregulation of bank underwriting activities: Impacts in the Euro-yen and Japanese corporate bond markets

C. R. McKenzie; Sumiko Takaoka

doi:10.1016/j.matcom.2005.02.009

Deregulation of bank underwriting activities: Impacts in the Euro-yen and Japanese corporate bond markets

C. R. McKenzie, Sumiko Takaoka

Faculty of Economics

Research output: Contribution to journal › Conference article › peer-review

Abstract

The purpose of this paper is to examine the impact of a 1993 relaxation of the restrictions governing the underwriting operations of Japanese banks on bond issues in the Euro-yen and Japanese corporate bond markets. Evidence is presented to suggest that the relaxation of the restrictions governing the underwriting operations of Japanese banks was associated with a significant fall in spreads in both the Euro-yen and Japanese corporate bond markets.

Original language	English
Pages (from-to)	526-535
Number of pages	10
Journal	Mathematics and Computers in Simulation
Volume	68
Issue number	5-6
DOIs	https://doi.org/10.1016/j.matcom.2005.02.009
Publication status	Published - 2005 May 26
Event	First Special Issue: Selected Papers of the MSSANZ/IMACS 15th Biennial Conference on Modelling and Simulation - Duration: 2003 Jul 14 → 2003 Jul 17

Keywords

Deregulation
Euromarket
Japanese Bond market
Spreads
Underwriting

ASJC Scopus subject areas

Theoretical Computer Science
Computer Science(all)
Numerical Analysis
Modelling and Simulation
Applied Mathematics

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10.1016/j.matcom.2005.02.009

Cite this

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title = "Deregulation of bank underwriting activities: Impacts in the Euro-yen and Japanese corporate bond markets",

abstract = "The purpose of this paper is to examine the impact of a 1993 relaxation of the restrictions governing the underwriting operations of Japanese banks on bond issues in the Euro-yen and Japanese corporate bond markets. Evidence is presented to suggest that the relaxation of the restrictions governing the underwriting operations of Japanese banks was associated with a significant fall in spreads in both the Euro-yen and Japanese corporate bond markets.",

keywords = "Deregulation, Euromarket, Japanese Bond market, Spreads, Underwriting",

author = "McKenzie, {C. R.} and Sumiko Takaoka",

note = "Funding Information: Both authors wish to thank Takayuki Atake and Shigeyuki Suzuki for helpful discussions, and Nikko Citigroup Limited for providing the data on Japanese corporate bond spreads. An earlier version of this paper was presented at the MODSIM2003 International Congress on Modelling and Simulation, Townsville, July 2003. Both of authors wish to acknowledge the financial assistance of a research grant provided by the Japan Securities Scholarship Foundation, and the first author wishes to acknowledge the financial assistance of a travel grant provided by the Faculty of Economics, Keio University. ; First Special Issue: Selected Papers of the MSSANZ/IMACS 15th Biennial Conference on Modelling and Simulation ; Conference date: 14-07-2003 Through 17-07-2003",

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AU - Takaoka, Sumiko

N1 - Funding Information: Both authors wish to thank Takayuki Atake and Shigeyuki Suzuki for helpful discussions, and Nikko Citigroup Limited for providing the data on Japanese corporate bond spreads. An earlier version of this paper was presented at the MODSIM2003 International Congress on Modelling and Simulation, Townsville, July 2003. Both of authors wish to acknowledge the financial assistance of a research grant provided by the Japan Securities Scholarship Foundation, and the first author wishes to acknowledge the financial assistance of a travel grant provided by the Faculty of Economics, Keio University.

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N2 - The purpose of this paper is to examine the impact of a 1993 relaxation of the restrictions governing the underwriting operations of Japanese banks on bond issues in the Euro-yen and Japanese corporate bond markets. Evidence is presented to suggest that the relaxation of the restrictions governing the underwriting operations of Japanese banks was associated with a significant fall in spreads in both the Euro-yen and Japanese corporate bond markets.

AB - The purpose of this paper is to examine the impact of a 1993 relaxation of the restrictions governing the underwriting operations of Japanese banks on bond issues in the Euro-yen and Japanese corporate bond markets. Evidence is presented to suggest that the relaxation of the restrictions governing the underwriting operations of Japanese banks was associated with a significant fall in spreads in both the Euro-yen and Japanese corporate bond markets.

KW - Deregulation

KW - Euromarket

KW - Japanese Bond market

KW - Spreads

KW - Underwriting

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Y2 - 14 July 2003 through 17 July 2003

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Deregulation of bank underwriting activities: Impacts in the Euro-yen and Japanese corporate bond markets

Abstract

Keywords

ASJC Scopus subject areas

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