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SUMMARY:Inventory Capacity and Corporate Bond Offerings
DTSTART:20190920T103000
DTEND:20190920T120000
DTSTAMP:20260528T031117Z
UID:5e85e3b170c873d7db70400a51a9f6fc9b7d6286403c210768b7aafa
CATEGORIES:Conferences - Seminars
DESCRIPTION:Florian NAGLER\, Bocconi University\nWe study how underwriters
 ' inventory capacity effects the initial allocation\, pricing and trading 
 of corporate bond offerings. We theoretically show that a decrease in aggr
 egate inventory capacity incentivizes those underwriters having access to 
 relationship investors to excessively allocate bonds to them. In exchange\
 , relationship investors obtain increased underpricing and resell their ex
 cessive holdings in the secondary market. Using an instrumental variable w
 e  empirically show that\, through the relationship channel\, the post-cr
 isis drop in inventory capacity leads to a simultaneous increase in underp
 ricing and customer sales. Our results suggest that a lowering of inventor
 y imposes a negative externality on bond issuers.
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
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