The behavior of secondary market prices of LDC syndicated loans
The time series properties and the efficiency of the secondary market of syndicated loans for less developed countries (LDCs) are examined. Weekly secondary market prices for 26 LDCs are divided into two subperiods covering Jul. 1988 to Jun. 1990 and Jul. 1990 to May 1992. The Augmented Dickey-Fuller methodology and the variance-ratio test of Lo and MacKinlay were used to test the random walk hypothesis. Results of the study show that LDC secondary markets for syndicated loans have become more efficient over time.
Publication Name: Journal of Banking & Finance
Why do underwriters charge low underwriting fees for initial public offerings in Taiwan?
Reasons for low underwriting fees charged on initial public offerings, by underwriters in Taiwan,are discussed.
Publication Name: Journal of Business Finance and Accounting
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