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Corporate debt maturity choice in transition financial markets

Stephan, Andreas; Talavera, Oleksandr; Tsapin, Andriy - 2008

This paper investigates the determinants of liability maturity choice in transition markets. We formulate a model of …, signaling, maturity matching, and agency costs for the liability term structure of firms operating in a transition economy. In … addition, we find that companies do not react uniformly to determinants of debt maturity. Firms that mainly rely on external …

Persistent link: https://www.econbiz.de/10010265007

Maturity shortening and market failure

Thierfelder, Felix - 2012

Motivated by the financial crisis of 2007-2009 several papers have provided explanations for why liquidity may dry up during market stress. This paper also looks at this issue but focuses on the question as to why the liquidity crunch was not uniform across maturities. As funding pressures were...

Persistent link: https://www.econbiz.de/10010308262

Debt maturity, risk, and asymmetric information

Berger, Allen N.; Espinosa-Vega, Marco A.; Frame, W. Scott - 2004

information in determining debt maturity, and we examine the overall importance of informational asymmetries in debt maturity … information in explaining debt maturity. …

Persistent link: https://www.econbiz.de/10010397600

Port Strategy for Sustainable Development

Haezendonck, Elvira (contributor) - 2021

Today, most large port hubs include the circular economy transformation challenge, together with smart digitalization and Internet of Things (IoT), in their strategic priorities. However, many ports do not seem to have progressed beyond incremental, small-scale sustainable innovations or the...

Persistent link: https://www.econbiz.de/10014323779

Debt overhang, rollover risk, and corporate investment: Evidence from the European crisis

Kalemli-Ozcan, Sebnem; Laeven, Luc; Moreno, David - 2019

We quantify the role of financial factors behind the sluggish post-crisis performance of European firms. We use a firm-bank-sovereign matched database to identify separate roles for firm and bank balance sheet weaknesses arising from changes in sovereign risk and aggregate demand conditions. We...

Persistent link: https://www.econbiz.de/10012142085

Information asymmetry on the link between corporate social responsibility and stock price crash risk

In: Cogent Economics & Finance 11 (2023) 2, pp. 1-13

Theoretically, corporate social responsibility (CSR) can have both positive and negative effects on stock price crash risk, and the empirical evidence is mixed. CSR can be a useful signal of better informational quality and acts as an effective corporate governance mechanism, both of which serve...

Persistent link: https://www.econbiz.de/10015074865

Credit allocation of Japanese banks in the 1990s: Evidence from the short-term economic survey of enterprises

Ogawa, Kazuo - 2007

This study is an empirical attempt to investigate the effects of balance sheet deterioration of Japanese firms and banks during the 1990s on credit allocation using the Short-term Economic Survey of Enterprises. This survey includes a unique item: the proportion of firms perceiving the lending...

Persistent link: https://www.econbiz.de/10010332436

Hunting the Living Dead A Peso Problem in Corporate Liabilities Data

Manera, Matteo; Cherubini, Umberto - 2005

the credit spread terms structure, particularly on the short maturity end. Possible explanations stem from strategic debt …

Persistent link: https://www.econbiz.de/10010312533

Rollover risk in commercial paper markets and firms' debt maturity choice

Thierfelder, Felix - 2008

should market liquidity dry up. In a first step, this paper explains why high quality firms introduce a maturity mismatch … generates a maturity structure choice broadly consistent with observed financing patterns: Low quality firms issue short …

Persistent link: https://www.econbiz.de/10010295942

Asymmetric information and roll-over risk

König, Philipp; Pothier, David - 2014

How do banks choose their debt maturity structure when credit markets are subject to information frictions? This paper … proposes a model of equilibrium maturity choice with asymmetric information and endogenous roll-over risk. We show that in the … social benefits, the equilibrium maturity structure always exhibits inefficient short-termism. If banks receiving a credit …

Persistent link: https://www.econbiz.de/10010332848

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