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The corporate debt market: A firm-level panel study for India

Guha-Khasnobis, Basudeb; Kar, Saibal - 2006

Traditionally, firms in India have shown a low preference towards debt financing, despite its advantages. Using panel … of manufacturing firms in India and the key determinants of their debt structure. We examine the roles of age of the firm …

Persistent link: https://www.econbiz.de/10010331078

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

Determinants of corporate financing decisions: A survey evidence from Czech firms

Jindřichovská, Irena; Körner, Pavel - 2008

This paper investigates the empirical evidence on determinants of financing decisions on the pool of respondents among financial managers of Czech firms. The theoretical section provides an overview of prominent contemporary theories on capital structure. Employing Chi-square Sign Test and Logit...

Persistent link: https://www.econbiz.de/10010322315

Financing of technology-intensive small businesses: Some evidence on the uniqueness of the ICT industry

Hyytinen, Ari; Pajarinen, Mika - 2002

Using recently collected data on Finnish small businesses, we provide evidence that the debt capacity of growth options, defined as the amount of debt that firms optimally raise for an incremental project, is negative, especially in the information and communications technology (ICT) sector. We...

Persistent link: https://www.econbiz.de/10010284897

Small business finance in Finland: A descriptive study

Hyytinen, Ari; Pajarinen, Mika - 2002

Using new data originating from a recently conducted survey, this paper examines the financing of small and medium-sized enterprises (SMEs) in private equity and debt markets in Finland. We find that the three most important sources of funds are the principal owner’s equity, trade credit...

Persistent link: https://www.econbiz.de/10010285020

Systematic risk, debt maturity and the term structure of credit spreads

Chen, Hui; Xu, Yu; Yang, Jun - 2012

We build a dynamic capital structure model to study the link between systematic risk exposure and debt maturity, as … the maturity structure. Relative to short-term debt, long-term debt is less prone to rollover risks, but its illiquidity … favour longer debt maturity, as well as a more stable maturity structure over the business cycle. Pro-cyclical debt maturity …

Persistent link: https://www.econbiz.de/10010319636

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

The strategic effect of debt in dynamic price competition with fluctuating demand

Neubecker, Leslie - 2002

This paper shows that obligations from debt hinder tacit collusion if equity owners are protected by limited liability. In contrast to its advantageous commitment value in short-run competition, leverage reduces profits from infinite interaction. Contrasting uncorrelated shocks with a cyclical...

Persistent link: https://www.econbiz.de/10010305086

Debt overhang and capital regulation

Admati, Anat R.; DeMarzo, Peter M.; Hellwig, Martin F.; … - 2012

We analyze shareholders' incentives to change the leverage of a firm that has already borrowed substantially. As a result of debt overhang, shareholders have incentives to resist reductions in leverage that make the remaining debt safer. This resistance is present even without any government...

Persistent link: https://www.econbiz.de/10010323860

The Effects of Short-Term Liabilities on Profitability: The Case of Germany

Baum, Christopher F.; Schäfer, Dorothea; Talavera, … - 2006

Using data from Germany this paper examines the direct effect of non-financial firms' use of short-term versus long-term liabilities. We develop a structural model of a firm's value maximization problem that predicts that profitability of the firm will change if firms alter their use of...

Persistent link: https://www.econbiz.de/10010260991

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