NDLI: Corporate Bonds, Bondholders and Corporate Governance

Please wait, while we are loading the content...

Concerns Related to the Internationalisation of State-Owned Enterprises. Perspectives from regulators, government owners and the broader business community.

Stocktaking of Anti-Corruption and Business Integrity Measures for Southern African SOEs

How is corporate governance in Japan changing?. Developments in listed companies and roles of institutional investors.

Corporate Bonds, Bondholders and Corporate Governance

Corporate Governance Enforcement in the Middle East and North Africa. Evidence and Priorities.

State-Invested Enterprises in the Global Marketplace: Implications for a Level Playing Field

State-owned Enterprises in Southern Africa. A Stocktaking of Reforms and Challenges.

Institutional Investors as Owners. Who Are They and What Do They Do?.

Colombian SOEs: A Review Against the OECD Guidelines on Corporate Governance of State-owned Enterprises

Making Stock Markets Work to Support Economic Growth. Implications for Governments, Regulators, Stock Exchanges, Corporate Issuers and their Investors.

Disclosure of Beneficial Ownership and Control in Indonesia. Legislative and Regulatory Policy Options for Sustainable Capital Markets.

Who Cares? Corporate Governance in Today's Equity Markets

Beneficial Ownership and Control. A Comparative Study - Disclosure, Information and Enforcement.

Balancing Commercial and Non-Commercial Priorities of State-Owned Enterprises

The Size and Composition of the SOE Sector in OECD Countries

Competitive Neutrality and State-Owned Enterprises in Australia. Review of Practices and their Relevance for Other Countries.

The Exercise of Shareholder Rights. Country Comparison of Turnout and Dissent.

Enhancing the Role of the Boards of Directors of State-Owned Enterprises

Competitive Neutrality and State-Owned Enterprises. Challenges and Policy Options.

Corporate Bonds, Bondholders and Corporate Governance

Content Provider	OECD iLibrary
Author	Çelik, Serdar Demirtaş, Gül Isaksson, Mats
Abstract	Worldwide, primary corporate bond markets have become an increasingly important source of financing for non-financial companies. This trend is coupled with a relative decrease in traditional bank lending to non-financial companies and low levels of bond interest rates. Just as shareholders, bondholders can play an important role in corporate governance. They can use both exit and voice. This report provides a comprehensive global overview of all corporate bond issues since 2000 and experiences of governance engagement by bondholders. The report builds on issue level data for more than 100,000 individual bond issues in 108 jurisdictions between 2000 and 2013. Data is provided with respect to the type of issues and numerous bond characteristics, such as country of origin, investment grade, maturity, covenants and conditions for redemption. The report also analyses trends in secondary bond markets, including market liquidity, the role of market makers and the relatively slow introduction of electronic trading systems. In order to analyse trends over time with respect to governance, we provide detailed time series data on the use and relative importance of 15 different categories of covenants. By constructing an overall "covenant protection index" we suggest that bond investors in their search for yield have overall traded governance rights for higher expected returns. This shift also seems to be associated with higher risk-taking. We also conclude that the degree of governance engagement primarily is linked to the business model of the bond investor. We end the report with a discussion about the scope for institutional changes that may build a larger community of truly informed and motivated bond investors.
Language	English
Publisher	OECD Publishing
Publisher Date	2015-02-12
Access Restriction	Open
Subject Keyword	Finance and Investment Governance
Content Type	Text
Resource Type	Article

Central Library (ISO-9001:2015 Certified)
Indian Institute of Technology Kharagpur
Kharagpur, West Bengal, India | PIN - 721302

See location in the Map
03222 282435
Mail: support@ndl.gov.in

Sl.	Authority	Responsibilities	Communication Details
1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
5	Website/Portal (Helpdesk)	Queries regarding NDLI and its services	support@ndl.gov.in
6	Contents and Copyright Issues	Queries related to content curation and copyright issues	content@ndl.gov.in
7	National Digital Library of India Club (NDLI Club)	Queries related to NDLI Club formation, support, user awareness program, seminar/symposium, collaboration, social media, promotion, and outreach	clubsupport@ndl.gov.in
8	Digital Preservation Centre (DPC)	Assistance with digitizing and archiving copyright-free printed books	dpc@ndl.gov.in
9	IDR Setup or Support	Queries related to establishment and support of Institutional Digital Repository (IDR) and IDR workshops	idr@ndl.gov.in