دانلود مقاله ISI انگلیسی شماره 102801
کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
102801 2017 37 صفحه PDF سفارش دهید 9861 کلمه
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پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Pricing corporate bonds and constructing credit curves in a developing country: The case of the Taiwan bond fund crisis
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : International Review of Economics & Finance, Volume 50, July 2017, Pages 261-274

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چکیده انگلیسی

Supervising the bond market in developing countries is challenging due to the lack of vehicles and structures that exist in rich economies. The investors may not cognize the risks in fixed-incomes and their impacts, particularly the default risk. Our study first documents the background and causes of the bond fund crisis in Taiwan in 2004 and further evaluates the effectiveness of the regulator's policies that responded the crisis. Using the data during 2006:01–2013:12, the findings that the quoted term structure of yield to maturities provides accurate corporate bond pricing confirm the feasibility of the new regulations. However, some observations show that volatile forward rates cause negative spreads and implausible survival probability curves. We discuss the findings and provide suggestions for further research.

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