By Florian H. A. Schmidt, Sharon Tay
An up to date, entire research of the high-yield bond marketplace in Asia starting with a basic definition of high-yield bond items and the place they live in the company capital constitution, this newly up-to-date consultant appears to be like on the improvement of high-yield bonds within the usa and Europe earlier than analysing this area in Asia. It covers provider nations and industries, scores, and measurement distributions, and likewise covers the diversification of the high-yield supplier universe. It incorporates a thorough technical research of high-yield bond constructions quite often hired in Asian tra. Read more...
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Extra resources for A Guide to Asian High Yield Bonds : Financing Growth Enterprises, + Website
David J. Denis and Vasil T. Mihov, “The Choice among Bank Debt, Non-Bank Private Debt and Public Debt: Evidence from New Corporate Borrowings,” Journal of Financial Economics 70, no. 1 (June 2002): 3–28. 24. The “Big Four” Chinese banks are Bank of China, Bank of Communications, China Construction Bank, and ICBC. 25.
2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. For the purposes of this chapter, Asia refers to Asia outside Japan and Australia. S. dollars, euros, and Japanese yen. M. Shari, “Asia’s Worst Deal,” BusinessWeek, August 13, 2001. Nachum Kaplan, “Asian High Yield Is a Dumb Bet for Smart Money,” IFR Asia, online edition, January 9, 2013. Asia-Paciﬁc M7A Bulletin, Year-End 2010, PriceWaterhouseCoopers LLC, 2011. Khor Hoe Ee and Kee Rui Xiong, “Asia: a Perspective on the Subprime Crisis,” Finance & Development 45, No.
The market-to-book value was used to gauge the growth potential of the samples. Expected future growth increases a firm’s market value relative to its book value since intangible assets are not included in the latter. , at least annual) borrowers. While the market-to-book value is more of a forward-looking measure reflecting investors’ expectations, sales growth measures tangible past growth performance. 57 percent. 46 percent for frequent borrowers. Empirical studies conducted in the United States arrived at similar results.