An Empirical Study of the Dim Sum Market
Type of Degreethesis
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This thesis represents a comprehensive study of the Hong Kong Dim sum market and the effect of country, issuers’ industry, and rating on the characteristics of Dim sum bonds. I find evidence that Dim sum bonds issued by China firms tend to have shorter maturities and higher coupon rates. However, there is no evidence that China firms tend to issue Dim sum bonds in larger amounts. I also find that Government issues tend to be smaller and have longer maturities. As one would expect, Dim sum bonds with higher ratings have lower coupon rates and this is confirmed in my empirical tests.