Credit Information Quality And Corporate Debt Maturity
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| Author | : Marco Sorge |
| Publisher | : World Bank Publications |
| Total Pages | : 43 |
| Release | : 2007 |
| Genre | : Access to Finance |
| ISBN | : |
This paper provides new theoretical and empirical evidence suggesting that the quality of credit information may be a key element in explaining the maturity structure of corporate debt around the world. In markets with poor credit information and hence a high degree of uncertainty about borrower quality, the authors find suboptimal equilibria in which short-term contracts are preferred either as a hedge against uncertainty to limit losses in bad states (in the symmetric information case) or as a screening device to learn about borrower credit quality in the course of a repeated lending relationship (in the asymmetric information case). The results of the model are supported by the econometric analysis of panel data from both industrial and developing economies. The authors find that countries with better quality of credit information (for example, as a result of improvements in credit reporting systems or accounting standards) are characterized by a higher share of long-term debt as a proportion of total corporate debt ceteris paribus. The findings suggest that promoting institutions and policies to improve the quality of credit information is an important prerequisite for increasing access of firms to long-term finance.
| Author | : Sophia Chen |
| Publisher | : International Monetary Fund |
| Total Pages | : 77 |
| Release | : 2019-02-05 |
| Genre | : Business & Economics |
| ISBN | : 1484397630 |
The maturity structure of debt can have financial and real consequences. Short-term debt exposes borrowers to rollover risk (where the terms of financing are renegotiated to the detriment of the borrower) and is associated with financial crises. Moreover, debt maturity can have an impact on the ability of firms to undertake long-term productive investments and, as a result, affect economic activity. The aim of this paper is to examine the evolution and determinants of debt maturity and to characterize differences across countries.
| Author | : R. Glenn Hubbard |
| Publisher | : University of Chicago Press |
| Total Pages | : 354 |
| Release | : 2009-05-15 |
| Genre | : Business & Economics |
| ISBN | : 0226355942 |
In this volume, specialists from traditionally separate areas in economics and finance investigate issues at the conjunction of their fields. They argue that financial decisions of the firm can affect real economic activity—and this is true for enough firms and consumers to have significant aggregate economic effects. They demonstrate that important differences—asymmetries—in access to information between "borrowers" and "lenders" ("insiders" and "outsiders") in financial transactions affect investment decisions of firms and the organization of financial markets. The original research emphasizes the role of information problems in explaining empirically important links between internal finance and investment, as well as their role in accounting for observed variations in mechanisms for corporate control.
| Author | : Thorsten Beck |
| Publisher | : World Bank Publications |
| Total Pages | : 67 |
| Release | : 1999 |
| Genre | : Banca central |
| ISBN | : |
This new database of indicators of financial development and structure across countries and over time unites a range of indicators that measure the size, activity, and efficiency of financial intermediaries and markets.
| Author | : Brian Coyle |
| Publisher | : Global Professional Publishi |
| Total Pages | : 178 |
| Release | : 2002 |
| Genre | : Business & Economics |
| ISBN | : 9780852974568 |
From the "Risk Management" series, this is a guide through the terminology and purpose of corporate bonds. The text describes the various markets in which securities can be issued. It also evaluates the factors influencing investment decisions that any investor may need to assess and, from the corporate perspective, how to reach a decision ......
| Author | : T. Todd Smith |
| Publisher | : International Monetary Fund |
| Total Pages | : 88 |
| Release | : 1995-07-01 |
| Genre | : Business & Economics |
| ISBN | : 1451848870 |
This paper surveys markets for corporate debt securities in the major industrial countries and the international markets. The discussion includes a comparison of the sizes of the markets for various products, as well as the key operational, institutional, and legal features of primary and secondary markets. Although there are some signs that debt markets may be emphasized in the future by some countries, it remains true that North American debt markets are the most active and liquid in the world. The international debt markets are, however, growing in importance. The paper also investigates some of the reasons for the underdevelopment of domestic bond markets and the consequences of firms shifting their debt financing needs from banks to securities markets.
| Author | : Marco Sorge |
| Publisher | : |
| Total Pages | : |
| Release | : 2012 |
| Genre | : |
| ISBN | : |
This paper provides new theoretical and empirical evidence suggesting that the quality of credit information may be a key element in explaining the maturity structure of corporate debt around the world. In markets with poor credit information and hence a high degree of uncertainty about borrower quality, the authors find suboptimal equilibria in which short-term contracts are preferred either as a hedge against uncertainty to limit losses in bad states (in the symmetric information case) or as a screening device to learn about borrower credit quality in the course of a repeated lending relationship (in the asymmetric information case). The results of the model are supported by the econometric analysis of panel data from both industrial and developing economies. The authors find that countries with better quality of credit information (for example, as a result of improvements in credit reporting systems or accounting standards) are characterized by a higher share of long-term debt as a proportion of total corporate debt ceteris paribus. The findings suggest that promoting institutions and policies to improve the quality of credit information is an important prerequisite for increasing access of firms to long-term finance.
| Author | : Marco Sorge |
| Publisher | : |
| Total Pages | : 43 |
| Release | : 2016 |
| Genre | : |
| ISBN | : |
This paper provides new theoretical and empirical evidence suggesting that the quality of credit information may be a key element in explaining the maturity structure of corporate debt around the world. In markets with poor credit information and hence a high degree of uncertainty about borrower quality, the authors find suboptimal equilibria in which short-term contracts are preferred either as a hedge against uncertainty to limit losses in bad states (in the symmetric information case) or as a screening device to learn about borrower credit quality in the course of a repeated lending relationship (in the asymmetric information case). The results of the model are supported by the econometric analysis of panel data from both industrial and developing economies. The authors find that countries with better quality of credit information (for example, as a result of improvements in credit reporting systems or accounting standards) are characterized by a higher share of long-term debt as a proportion of total corporate debt ceteris paribus. The findings suggest that promoting institutions and policies to improve the quality of credit information is an important prerequisite for increasing access of firms to long-term finance.
| Author | : David Henley |
| Publisher | : Institute of Southeast Asian Studies |
| Total Pages | : 215 |
| Release | : 2009 |
| Genre | : History |
| ISBN | : 9812308466 |
Credit and debt are practical concerns of all times and places. They are also increasingly important topics in economic history and the social sciences, from Marcel Mauss and the anthropology of the gift to the urgent quest for understanding of today's global credit crunch. This volume brings together eight essays on credit and debt in the history of Indonesia, where for centuries debt and debt bondage played central roles in the organization of society, and where efforts to combat 'usury' and free peasants from indebtedness were central to the ethical and nationalist movements of the late colonial period. Topics range from the inscriptions of ninth-century Java to the first global financial crisis in 1930, and from Islamic laws against the charging of interest to the role of Chinese temples and Dutch church charities as credit providers. The history of credit and debt in Indonesia is examined from a wide variety of perspectives - legal, institutional, and cultural as well as economic. Attention is paid to parallels and contrasts with more recent developments, including the Asian financial crisis of 1997 and Indonesia's rise to fame as a pioneer of the current global microfinance revolution.
| Author | : McKinsey & Company Inc. |
| Publisher | : John Wiley & Sons |
| Total Pages | : 964 |
| Release | : 2020-05-21 |
| Genre | : Business & Economics |
| ISBN | : 1119611881 |
McKinsey & Company's bestselling guide to teaching corporate valuation - the fully updated seventh edition Valuation: Measuring and Managing the Value of Companies, University Edition is filled with the expert guidance from McKinsey & Company that students and professors have come to rely on for over nearly three decades. Now in its seventh edition, this acclaimed volume continues to help financial professionals and students around the world gain a deep understanding of valuation and help their companies create, manage, and maximize economic value for their shareholders. This latest edition has been carefully revised and updated throughout, and includes new insights on topics such as digital, ESG (environmental, social and governance), and long-term investing, as well as fresh case studies. For thirty years, Valuation has remained true to its basic principles and continues to offer a step-by-step approach to teaching valuation fundamentals, including: Analyzing historical performance Forecasting performance Estimating the cost of capital Interpreting the results of a valuation in context Linking a company's valuation multiples to core performance drivers The University Edition contains end-of-chapter review questions to help students master key concepts from the book. Wiley also offers an Online Instructor's Manual with a full suite of learning resources to complement valuation classroom instruction.
