An Empirical Analysis Of Corporate Debt Maturity Structure
Download An Empirical Analysis Of Corporate Debt Maturity Structure full books in PDF, epub, and Kindle. Read online free An Empirical Analysis Of Corporate Debt Maturity Structure ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
An Empirical Investigation of the Corporate Debt Maturity Structure
Author | : James R. Morris |
Publisher | : |
Total Pages | : 34 |
Release | : 1975* |
Genre | : Corporate debt |
ISBN | : |
Credit Information Quality and Corporate Debt Maturity
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.
An Empirical Analysis of the Determinants of Corporate Debt Ownership Structure
Author | : Shane A. Johnson |
Publisher | : |
Total Pages | : |
Release | : 2011 |
Genre | : |
ISBN | : |
I examine the relation between corporate debt ownership structure and several firm characteristics suggested by recent theory. The results demonstrate the importance of monitoring and information costs, the likelihood and costs of inefficient liquidation, and borrowers' incentives in affecting firms' debt source preferences. Several theoretical predictions receive support, while others do not. The results also suggest important differences between bank and private nonbank debt, which contrasts with most theoretical models. Additionally, I find evidence of systematic use of bank debt by firms with access to public debt, suggesting the benefits attributed to bank debt in theoretical models remain important after firms gain access to public debt markets. Although different lenders appear to have different maturity preferences, the results also suggest debt maturity and debt ownership decisions may be separable.
The Maturity Structure of Debt
Author | : Fabio Schiantarelli |
Publisher | : World Bank Publications |
Total Pages | : 44 |
Release | : 1997 |
Genre | : Corporate debt |
ISBN | : |
Debt Maturity and the Use of Short-Term Debt
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.