CORPDEBTMKT

THE STRUCTURE OF CORPORATE DEBT MARKETS AND FIRM FINANCING DECISIONS

Coordinatore	THE CITY UNIVERSITY    more  Organization address address: NORTHAMPTON SQUARE city: LONDON postcode: EC1V 0HB contact info Titolo: Dr. Nome: Dilly Cognome: Tawakkul Email: send email Telefono: 442070000000
Nazionalità Coordinatore	United Kingdom [UK]
Totale costo	100˙000 €
EC contributo	100˙000 €
Programma	FP7-PEOPLE Specific programme "People" implementing the Seventh Framework Programme of the European Community for research, technological development and demonstration activities (2007 to 2013)
Code Call	FP7-PEOPLE-2012-CIG
Funding Scheme	MC-CIG
Anno di inizio	2013
Periodo (anno-mese-giorno)	2013-03-01   -   2017-02-28

 Partecipanti

#	participant	country	role	EC contrib. [€]
1	THE CITY UNIVERSITY  Organization address address: NORTHAMPTON SQUARE city: LONDON postcode: EC1V 0HB contact info Titolo: Dr. Nome: Dilly Cognome: Tawakkul Email: send email Telefono: 442070000000	UK (LONDON)	coordinator	100˙000.00

Mappa

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 Obiettivo del progetto (Objective)

'Unlike equities, corporate debt claims are currently mostly traded in over-the-counter (OTC) markets. Since the OTC nature of the market decreases price transparency, increases transaction costs, and increases the time it takes to find a matching counterparty for a trade, there is a fundamental economic question as to why an apparently imperfect matching technology (OTC trade) can arise in equilibrium when a better matching technology (organized exchanges) exists. This is puzzling because some corporate debt claims actually used to be traded on exchanges in the early 20th century, and important because the structure of this large market has important knock on effects: on who can participate in markets, on how claims are structured (in particular in terms of their maturity) and also how firms finance themselves. In the context of models that build on search theory, this project will explore potential mechanisms that explain 1) what drives the structure of secondary markets for corporate debt, and 2) how this affects firm financing decisions, in particular, debt maturity choice, and 3) what the policy implications are for regulation.'