یکپارچگی بازار مالی اروپا: مورد اوراق قرضه بخش خصوصی و وام سندیکایی
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|50403||2001||19 صفحه PDF||سفارش دهید||6234 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Journal of International Financial Markets, Institutions and Money, Volume 11, Issues 3–4, September–December 2001, Pages 245–263
This paper uses individual transaction data on bonds and syndicate loans from European issuers to document market segmentation along national lines: banks manage bond issues because of ties to home institutional investors, and syndicate loans due to ties to home issuers. The evidence supports the hypothesis that historically grown reputational ties between financial institutions and their customers are in part responsible for the slow integration of the European financial market place. Traditionally, home currency investment restrictions for many of Europe's institutional investors were responsible for disproportionate market shares in the home currency markets of bond underwriters. The introduction of the Euro should greatly increase competition in bond underwriting. This, however, may benefit non-EU investment banks the most.