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Debt and Equity Yields : 1926-80

Hendershott, Patric H. - 1983

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/10012477959

Private Pensions as Corporate Debt

Feldstein, Martin - 1981

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/10012478415

Zombies at Large? Corporate Debt Overhang and the Macroeconomy

Jordà, Òscar - 2020

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/10012482416

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/10012457936

Corporate Debt Structure with Home and International Currency Bias

Maggiori, Matteo; Neiman, Brent; Schreger, Jesse - National Bureau of Economic Research - 2023

We explore the consequences of global capital market segmentation by currency for the optimal currency composition of borrowing by firms. Global bond portfolios are driven by the currency of denomination of assets as investors prefer to lend in their home currency or the international currency,...

Persistent link: https://www.econbiz.de/10014437022

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/10012463659

A Gap-Filling Theory of Corporate Debt Maturity Choice

Greenwood, Robin - 2008

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/10012464558

A Theory of Debt Maturity : The Long and Short of Debt Overhang

Diamond, Douglas W. - 2012

Debt maturity influences debt overhang: the reduced incentive for highly- levered borrowers to make real investments … because some value accrues to debt. Reducing maturity can increase or decrease overhang even when shorter-term debt's value …

Persistent link: https://www.econbiz.de/10012460501

Real Effects of Rollover Risk : Evidence from Hotels in Crisis

DeFusco, Anthony A.; Nathanson, Charles G.; Reher, Michael - National Bureau of Economic Research - 2023

We show how firms scheduled to roll over debt in a crisis strategically reduce operations, regardless of their liquidity constraints. Our research design utilizes contractual features of commercial mortgages that generate as-good-as-random variation in whether debt is scheduled to mature during...

Persistent link: https://www.econbiz.de/10014421189

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/10012463167

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