approximately 2% of firm value for a firm whose credit rating falls from AA to BBB, comparable to the magnitude of debt tax benefits …

expansion of global nonfinancial corporate debt after the 2008-09 global financial crisis. Nonfinancial corporate debt steadily … increased after the crisis, especially in emerging economies. Between 2008 and 2018, corporate debt increased from 56 to 96 …. Nonfinancial corporate debt was mainly issued through bond markets, and its growth can be largely attributed to accommodative …

, maturity, and currency denomination at the firm and aggregate levels. Using data on worldwide debt issuance from advanced and … corporate bonds during financial crises. Firms reduced their borrowing in shock-hit markets but increased it in other debt … toward domestic markets during international crises, firms reduced the share of foreign currency debt. The opposite occurred …