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Corporate Debt Structure and the Financial Crisis
De Fiore, Fiorella - 2014
We present a DSGE model where firms optimally choose among alternative instruments of external finance. The model is used to explain the evolving composition of corporate debt during the financial crisis of 2008-09, namely the observed shift from bank finance to bond finance, at a time when the...
Persistent link: https://www.econbiz.de/10013040533
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Corporate Debt Maturity and the Real Effects of the 2007 Credit Crisis
Almeida, Heitor - 2009
heterogeneity in financial contracting at the onset of the crisis by exploring ex-ante variation in long-term debt maturity. Our … credit supply shocks on corporate policies. For example, in the absence of a credit shock ("normal times"), the maturity … composition of long-term debt has no effect on investment outcomes. Likewise, maturity composition has no impact on investment …
Persistent link: https://www.econbiz.de/10013159521
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A Gap-Filling Theory of Corporate Debt Maturity Choice
Greenwood, Robin M. - 2010
We argue that time-series variation in the maturity of aggregate corporate debt issues arises because firms behave as … macro liquidity providers, absorbing the large supply shocks associated with changes in the maturity structure of government …
Persistent link: https://www.econbiz.de/10012759211
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Debt and Equity Yields : 1926-80
Hendershott, Patric H. - 2010
The study is divided into four broad parts, beginning with an exploratory analysis of the data on expost returns on corporate equities and bonds for the 1926-80 period. In Part 2, we estimate the relationships between one-month expost returns on corporate bonds and equities andvariations in...
Persistent link: https://www.econbiz.de/10012763036
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Private Pensions as Corporate Debt
Feldstein, Martin S. - 2021
This paper begins by examining the ways in which pension liabilities are and are not like corporate bonds. Some conceptual issues involved in valuing future pension obligations are then discussed. The second section considers the advantage to firms of fully funding their pension obligations and...
Persistent link: https://www.econbiz.de/10013224994
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Zombies at Large? Corporate Debt Overhang and the Macroeconomy
Jordà, Òscar; Kornejew, Martin; Schularick, Moritz; … - 2022
With business leverage at record levels, the effects of corporate debt overhang on growth and investment have become a prominent concern. In this paper, we study the effects of corporate debt overhang based on long-run cross-country data covering the near- universe of modern business cycles. We...
Persistent link: https://www.econbiz.de/10013404600
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Dynamic Debt Runs
He, Zhiguo - 2009
the roles played by volatility, illiquidity and debt maturity in driving debt runs, as well as on firms' capital adequacy …
Persistent link: https://www.econbiz.de/10013155020
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What Determines the Structure of Corporate Debt Issues?
Julio, Brandon - 2008
Publicly-traded debt securities differ on a number of dimensions, including quality, maturity, seniority, security, and … leverage, growth opportunities and cash holdings are related with the convertibility, maturity and security structure of issued … appear to influence the types of securities that are issued. Consistent with commonly stated 'maturity-matching' arguments …
Persistent link: https://www.econbiz.de/10012773126
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Issuance Overpricing of China's Corporate Debt Securities
Ding, Yi; Xiong, Wei; Zhang, Jinfan - 2022
We document issuance overpricing of corporate debt securities in China, which contrasts with underpricing of equity and debt securities in Western countries. The phenomenon in China is robust across subsamples of issuances with different credit ratings, maturities, issuer types, and issuing...
Persistent link: https://www.econbiz.de/10013324538
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As Certain as Debt and Taxes : Estimating the Tax Sensitivity of Leverage from Exogenous State Tax Changes
Heider, Florian - 2013
We use a natural experiment in the form of 121 staggered changes in corporate income tax rates across U.S. states to show that tax considerations are a first-order determinant of firms' capital structure choices. Over the period 1990-2011, firms increase long-term leverage by 104 basis points on...
Persistent link: https://www.econbiz.de/10013090550