Θεσμική ανάλυση των αποδόσεων των ευρωπαϊκών εταιρικών ομολόγων

Abstract

The aim of this dissertation is to explore the institutional framework for the issuance of European corporate bonds by non-financial corporations as an alternative form of financing from 2013 to 2018. The analysis begins with a reference to the monetary policy, the regulatory changes that were needed to ensure increased market liquidity due to the financial crisis, the existing legislation affecting corporate bond markets and the legal and regulatory framework for the issuance of corporate bonds. Through this dissertation, it is also important to understand, the ecosystem of the issuers, the benefits they reap, which are the reasons why they prefer a corporate bond as a mean of financing over any other mean and based on what criteria they decide to issue a corporate bond. The research question that is being studied is the possibility for European non-financial companies by sector of activity, but also overall, to increase their liquidity / to be financed through the issuance of a corporate bond and how specific variables and financial indicators affect (positively or negatively) this fact. These effects are studied through the application of Logistic Regression model.