KAHL, MATTHIAS; SHIVDASANI, ANIL; WANG, YIHUI - In: Journal of Finance 70 (2015) 1, pp. 211-255
type="main" <title type="main">ABSTRACT</title> <p>We analyze why firms use nonintermediated short-term debt by studying the commercial paper (CP) market. Using a comprehensive database of CP issuers and issuance activity, we show that firms use CP to provide start-up financing for capital investment. Firms’ CP issuance is...</p>