• A
  • A
  • A
  • ABC
  • ABC
  • ABC
  • А
  • А
  • А
  • А
  • А
Regular version of the site
Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Alexey Malakhov
The Determinants of Corporate Bond Yields in Russia
2016
This paper focuses on the analysis of the determinants of corporate bonds yields in Russia. The research examines the characteristics of bond issues and financial performance of the company, affecting the yield spread. The issues of Russian corporate bonds are analyzed during the period from January 2008 to December 2015 inclusive, except bonds issued by banks. Using these data, regression model with random effects was constructed; it describes the dependence of the corporate bonds yield spreads from the liquidity bonds variables, from issue characteristics, from the credit quality of the issue and the issuer, from the industry in which the company operates, and from the company's financial performance. The study identified 11 from 23 significant variables, and 8 hypotheses regarding their impact on the profitability of the bonds were confirmed. This work is the basis for a more detailed analysis of the impact on the corporate bonds yield spread by individual variables.

Student Theses at HSE must be completed in accordance with the University Rules and regulations specified by each educational programme.

Summaries of all theses must be published and made freely available on the HSE website.

The full text of a thesis can be published in open access on the HSE website only if the authoring student (copyright holder) agrees, or, if the thesis was written by a team of students, if all the co-authors (copyright holders) agree. After a thesis is published on the HSE website, it obtains the status of an online publication.

Student theses are objects of copyright and their use is subject to limitations in accordance with the Russian Federation’s law on intellectual property.

In the event that a thesis is quoted or otherwise used, reference to the author’s name and the source of quotation is required.

Search all student theses