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Corporate Focusing and Internal Capital Markets
Schlingemann, Frederik P. - 1999
A sample of firms that focus by divesting at least one segment allows us to investigate the characteristics of segments divested as well as the nature of focusing firms. We find that firms are more likely to divest segments unrelated to the core activities of the firm and that the probability...
Persistent link: https://www.econbiz.de/10012471612
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A Survey of Private Debt Funds
Block, Jörn; Jang, Young Soo; Kaplan, Steven N.; … - National Bureau of Economic Research - 2023
Despite its large and increasing size in the U.S. and Europe, there is relatively little research on the private debt (PD) market, particularly compared to the bank and syndicated loan markets. Accordingly, in this paper, we survey U.S. and European investors with private debt assets under...
Persistent link: https://www.econbiz.de/10013537762
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Financial Dependence and Innovation : The Case of Public versus Private Firms
Acharya, Viral V. - 2013
This paper examines the relationship between innovation and firms' dependence on external capital by analyzing the … innovation activities of privately-held and publicly-traded firms. We find that public firms in external finance dependent … in internal finance dependent industries do not have a significantly better innovation profile than matched private firms …
Persistent link: https://www.econbiz.de/10012458954
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Special Purpose Vehicles and Securitization
Gorton, Gary - 2005
Firms can finance themselves on- or off-balance sheet. Off-balance sheet financing involves transferring assets to "special purpose vehicles" (SPVs), following accounting and regulatory rules that circumscribe relations between the sponsoring firm and the SPVs. SPVs are carefully designed to...
Persistent link: https://www.econbiz.de/10012467495
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Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts
Axelson, Ulf - 2010
This paper provides an empirical analysis of the financial structure of large buyouts. We collect detailed information on the financing of 1157 worldwide private equity deals from 1980 to 2008. Buyout leverage is cross-sectionally unrelated to the leverage of matched public firms, and is largely...
Persistent link: https://www.econbiz.de/10012462699
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Dispersion in Financing Costs and Development
Cavalcanti, Tiago; Kaboski, Joseph Paul; Martins, Bruno … - National Bureau of Economic Research - 2021
Most aggregate theories of financial frictions model credit available at a single cost of financing but rationed. However, using a comprehensive firm-level credit registry, we document both high levels and high dispersion in credit spreads to Brazilian firms. We develop a quantitative dynamic...
Persistent link: https://www.econbiz.de/10012510514
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Credit Horizons
Kiyotaki, Nobuhiro; Moore, John; Zhang, Shengxing - National Bureau of Economic Research - 2021
Entrepreneurs appear to borrow largely against their near-term revenues, even when their investment has a longer horizon. In this paper, we develop a model of credit horizons. A question of particular concern to us is whether persistently low interest rates can stifle economic activity. With...
Persistent link: https://www.econbiz.de/10012510621
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Waiting for Capital : Dynamic Intermediation in Illiquid Markets
Hartman-Glaser, Barney; Mayer, Simon; Milbradt, Konstantin - National Bureau of Economic Research - 2022
We consider a firm with infrequent access to capital markets, continuous access to financing by a risk-averse intermediary, and a cost of holding cash. The intermediary absorbs a fraction of cash-flow risk that decreases with the firm's liquidity reserves and acquires a stake in the firm under...
Persistent link: https://www.econbiz.de/10012814487
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Search for Yield in Large International Corporate Bonds : Investor Behavior and Firm Responses
Calomiris, Charles W. - 2019
Emerging market corporations have significantly increased their borrowing in international markets since 2008. We show that this increase was driven by large-denomination bond issuances, most of them with face value of exactly US$500 million. Large issuances are eligible for inclusion in...
Persistent link: https://www.econbiz.de/10012479928
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Rollover Risk and Credit Risk
He, Zhiguo - 2010
This paper models a firm's rollover risk generated by conflict of interest between debt and equity holders. When the firm faces losses in rolling over its maturing debt, its equity holders are willing to absorb the losses only if the option value of keeping the firm alive justifies the cost of...
Persistent link: https://www.econbiz.de/10012462997