The Journal of Finance publishes leading research across all the major fields of finance. It is one of the most widely cited journals in academic finance, and in all of economics. Each of the six issues per year reaches over 8,000 academics, finance professionals, libraries, and government and financial institutions around the world. The journal is the official publication of The American Finance Association, the premier academic organization devoted to the study and promotion of knowledge about financial economics.
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Pricing New Corporate Bond Issues: An Analysis of Issue Cost and Seasoning Effects
Published: 07/01/1986 | DOI: 10.1111/j.1540-6261.1986.tb04525.x
W. K. H. FUNG, ANDREW RUDD
The pricing of new corporate bond issues is examined, with particular emphasis on the seasoning effect and the cost of underwriting. Considerable attention is paid to some special features of the corporate bond market, including the use of actual trader quotes so as to accurately measure holding period returns. Our results suggest that the cost of issuing corporate bonds is less than previously reported.
Taxes and the Theory of Trade Debt
Published: 09/01/1984 | DOI: 10.1111/j.1540-6261.1984.tb03900.x
IVAN E. BRICK, WILLIAM K. H. FUNG
In this paper, we show that taxes motivate the flow of trade credit without involving the assumption of credit market imperfections. The direction of trade credit flow depends on the distribution of marginal tax rates among buyers and sellers. In equilibrium, the trade credit decision follows a tax‐induced clientele on both the supply and demand side.