Efficiency analysis in the eurobond market before and during the economic crisis (2004-2012)

The aim of this paper is to evaluate the efficiency, using data envelopment analysis, in eurobond issues fixed rate in the period 2004-2012, assessing the impact of the financial crisis in that market. Following the development of a database consisting of 1,999 Eurobonds, the results show that in the years before the crisis starts the efficient issues volume was bigger, being the inefficient ones very close to the border. From 2007, we can see a drastic change in the market conditions, detecting a departure substantial and widespread production frontier. (C) 2016 Journal of Innovation & Knowledge. Published by Elsevier Espana, S.L.U. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).