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Corporate Debt Overhang and Investment : Firm-Level Evidence

Borensztein, Eduardo - 2018

This paper investigates empirically the linkages between corporate debt overhang and investment activity at the firm level for a cross section of large-sized emerging market and developing economies. It analyzes the extent to which investment may be discouraged by high levels of debt that put at...

Persistent link: https://www.econbiz.de/10012912279

Firm Financing in Chile after the 2014-15 Tax Reform : Debt or Equity? Debt or Equity?

Hernandez, Fernando Leonardo - 2017

This paper analyzes the effects of the 2014-15 Chilean tax reform on firms' incentives to retain earnings and finance their operations with equity versus debt. The analysis comprises a comparison with the situation of the pre-reform period, and draws some conclusions about firms' valuation. The...

Persistent link: https://www.econbiz.de/10012967492

Collateralized Borrowing : Insights from the World Bank Enterprise Surveys

Nguyen, Ha Minh - 2019

Using the World Bank Enterprise Surveys, we investigate the prevalence and correlates of collateralized borrowing in …

Persistent link: https://www.econbiz.de/10012905683

Global Corporate Debt During Crises : Implications of Switching Borrowing Across Markets

Cortina Lorente, Juan Jose - 2020

, maturity, and currency denomination at the firm and aggregate levels. Using data on worldwide debt issuance from advanced and … markets. Firms also moved toward longer-term markets, maintaining (or even increasing) their borrowing maturity. As they moved …

Persistent link: https://www.econbiz.de/10012842157

Determinants of International Buyout Investments

Aldatmaz, Serdar - 2020

Using a comprehensive and proprietary data set on international private equity activity, this paper studies the determinants of buyout investments across 61 countries and 19 industries over 1990-2017. The study finds evidence that macroeconomic conditions, development of stock and credit...

Persistent link: https://www.econbiz.de/10012838894

Corporate Debt Maturity in Developing Countries : Sources of Long- and Short-Termism

Cortina Lorente, Juan Jose - 2018

This paper documents to what extent firms from developing countries borrow short versus long term, using data on corporate bond and syndicated loan markets. Contrary to claims in the literature based on firm balance sheets, firms from developing countries borrow through bonds and syndicated...

Persistent link: https://www.econbiz.de/10012932449

Distributional Effects of Crises : The Financial Channel

Halac, Marina C. - 2011

Financial crises affect income distribution via different channels. This paper argues that there is an important channel overlooked by the literature, namely the financial channel. We study how this channel operates by analyzing data from several Latin American countries, including Argentina,...

Persistent link: https://www.econbiz.de/10012714837

Capital Market Development : Whither Latin America?

Torre, Augusto de la - 2016

Over the past decades, many countries have implemented significant reforms to foster capital market development. Latin American countries were at the forefront of this process. The authors analyze where Latin American capital markets stand after these reforms. They find that despite the intense...

Persistent link: https://www.econbiz.de/10012747821

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. This paper shows that this increase was driven by large-denomination bond issuances, most of them with face value of US$500 million. Large issuances are eligible for inclusion in...

Persistent link: https://www.econbiz.de/10012865489

Corporate Borrowing and Debt Maturity : The Effects of Market Access and Crises

Cortina Lorente, Juan Jose - 2018

This paper studies how access to different markets and crises impact debt financing and maturity. Using data on … the financing shocks and maintained, or increased, their borrowing maturity. Country-level maturities also remained stable …-side shocks, significantly affecting debt composition, borrowing maturity, and credit redistribution across firms of different …

Persistent link: https://www.econbiz.de/10012935433