We conduct an extensive study of underpricing in the euro area bond market and find strong evidence of underpricing. In cross-sectional regressions we find patterns that are consistent with bookbuilding-based theories of underpricing and inconsistent with liquidity-based explanations. The underpricing has increased considerably during the financial crisis and has remained at an elevated level since. We also show that secondary market liquidity in the euro area bond market is significantly lower in the post-crisis period than pre-crisis. These results are consistent with recent US evidence and may represent unintended side effects of new regulation enacted in the wake of the financial crisis, such as Basel III and the Volcker Rule. Furthermore, our evidence suggests that the ECB’s corporate sector purchase programs has led to a decrease in underpricing.

我们对欧元区债券市场的定价偏低进行了广泛研究，并发现了定价偏低的有力证据。在横断面回归中，我们发现了一些模式，这些模式与基于簿记基础的定价偏低理论相一致，并且与基于流动性的解释相矛盾。在金融危机期间，定价偏低已大大增加，此后一直保持较高水平。我们还表明，危机后时期，欧元区债券市场的二级市场流动性明显低于危机前。这些结果与美国最近的证据是一致的，并且可能代表了金融危机后颁布的新法规的意外副作用，例如《巴塞尔协议三》和《沃尔克规则》。此外，