Региональное агенство стратегической аналитики

Requiem For A Market Maker The Case Of Drexel Burnham Lambert And Junk Bonds

This means that the monitoring companies provided by Drexel for the bonds it underwrote would not be changed easily by other monetary intermediaries operating within the junk bond market. We interpret this consequence to suggest that the value of the liquidity companies supplied by Drexel was greater for decrease-high quality junk bonds. This article adds to both the monetary intermediation and market microstructure literature by inspecting the market reactions surrounding the withdrawal of a major financial intermediary and market maker from a selected securities market. We discover that the collapse of Drexel had a major impact on junk bond prices on the whole, and a larger influence on the prices of lower-quality junk bonds specifically. We look at the affect of Drexel’s failure on direct and indirect holders of junk bonds by investigating the impact of Drexel’s collapse on junk bond returns, and on the stock returns of a gaggle of firms that, סוכן ביטוח פרטי on common, held important quantities of junk bonds. We study the exit of Drexel Burnham Lambert (Drexel) from the junk bond market in 1990. At the time Drexel exited the market by declaring bankruptcy, it was the dominant market maker and underwriter of junk bonds. Moreover, we find that junk bonds underwritten by Drexel, as opposed to other funding banks, experienced a significant decline in price over the months main up to Drexel’s failure announcement.

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