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Corporate credit and leverage in the EU: Recent evolution, main drivers and financial stability implications
Beck, Thorsten; Peltonen, Tuomo; Perotti, Enrico C.; … - 2023
This report presents a long-term view of the evolution of financing of EU non-financial corporations (NFCs) in recent decades. It finds a decline in NFC leverage since at least 2008, and across countries, size categories and industries. It also documents a growing role of non-bank financial...
Persistent link: https://www.econbiz.de/10014327946
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Corporate Debt Structure and the Financial Crisis
De Fiore, Fiorella; Uhlig, Harald - 2015
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/10011605804
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A factor analysis approch to measuring European loan and bond market integration
Wagenvoort, Rien; Ebner, André; Morgese Borys, Magdalena - 2009
By using an existing and a new convergence measure, this paper assesses whether bank loan and bond interest rates are converging for the non-financial corporate sector across the euro area. Whilst we find evidence for complete bond market integration, the market for bank loans remains segmented,...
Persistent link: https://www.econbiz.de/10010427552
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Bank finance versus bond finance: what explains the differences between US and Europe?
De Fiore, Fiorella; Uhlig, Harald - 2005
We present a dynamic general equilibrium model with agency costs, where heterogeneous firms choose among two alternative instruments of external finance - corporate bonds and bank loans. We characterize the financing choice of firms and the endogenous financial structure of the economy. The...
Persistent link: https://www.econbiz.de/10011604593
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Venture capital versus bank financing in innovative German firms
Schäfer, Dorothea; Talavera, Oleksandr; Zimmermann, Volker - 2007
-dependent VCs. In this case, empirical evidence is less compatible with theory, in particular the evidence on intrinsic project risk …
Persistent link: https://www.econbiz.de/10010264956
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Der marktphasenabhängige Einfluss der Liquidität auf die Credit Spreads von Corporate Bonds
Gann, Philipp - 2010
Gegenstand der vorliegenden Studie ist die vertiefte Analyse des marktphasenabhängigen Einflusses der Liquidität auf die Credit Spreads Euro denominierter Unternehmensanleihen. Dabei werden zwei Untersuchungsperioden während verschiedener Kapitalmarktphasen betrachtet. Die erste...
Persistent link: https://www.econbiz.de/10010427786
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Using transfer entropy to measure information flows between financial markets
Dimpfl, Thomas; Peter, Franziska J. - 2012
We use transfer entropy to quantify information flows between financial markets and propose a suitable bootstrap procedure for statistical inference. Transfer entropy is a model-free measure designed as the Kullback-Leibler distance of transition probabilities. Our approach allows to determine,...
Persistent link: https://www.econbiz.de/10010318778
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Determinants of Euro Term Structure of Credit Spreads
Van Landschoot, Astrid - 2004
In this paper, we analyze wether the sensitivity of credit spread changes to financial and macroeconomic variables depends on bond characteristics such as rating and maturity. First, we estimate the term structure of credit spreads for different rating categories by applying an extension of the...
Persistent link: https://www.econbiz.de/10011506579
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Liability sharing as a mechanism to improve firms'investment and liquidation decisions
Zou, Liang; Sun, Laixiang - 2000
Persistent link: https://www.econbiz.de/10010324553
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Disagreement and Flexibility: A Theory of Optimal Security Issuance and Capital Structure
Boot, Arnoud W.A.; Thakor, Anjan V. - 2003
ofthis theory of capital structure evolution is that optimal capital structure is essentiallydynamic, and depends on the firm …’s stock price, implying that firms issue equity when stockprices are high and debt when stock prices are low. The theory … testablepredictions. Moreover, the theory can rationalize the use of debt in the absence of taxes,agency costs or signaling considerations. …
Persistent link: https://www.econbiz.de/10010324789