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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

The impact of exporting on SME capital structure and debt maturity choices

Maes, Elisabeth; Dewaelheyns, Nico; Fuss, Catherine; … - 2016

Using a longitudinal dataset comprising of detailed financial and exporting data from Belgian small and medium-sized enterprises (SME) between 1998 and 2013, this article examines the manner in which firms manage to finance their export activities and the resulting impact on corporate capital...

Persistent link: https://www.econbiz.de/10011786066

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

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 data from 450 firms during 1992-93 and 2003-04, we attempt to identify factors which could explain the pattern of financing of manufacturing firms in India and the key...

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

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

Neubecker, Leslie - 2002

. In contrast to its advantageous commitment value in short-run competition, leverage reduces profits from infinite …

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

The Impact of Personal and Corporate Taxation on Capital Structure Choices

Voeller, Dennis; Overesch, Michael - 2008

This paper empirically analyses whether both personal and corporate taxation have an impact on companies' capital structure decisions. We investigate the effect of the difference in taxation of debt and equity financing on capital structures. Our empirical results, based on a comprehensive panel...

Persistent link: https://www.econbiz.de/10010298029

Capital structure choice and company taxation: A meta-study

Feld, Lars P.; Heckemeyer, Jost H.; Overesch, Michael - 2011

This paper provides a quantitative review of the empirical literature on the tax impact on corporate debt financing. Synthesizing the evidence from 46 previous studies, we find that this impact is substantial. In particular, the tax rate proxy determines the outcome of primary analyses. Measures...

Persistent link: https://www.econbiz.de/10010307852

Disagreement and Flexibility: A Theory of Optimal Security Issuance and Capital Structure

Boot, Arnoud W.A.; Thakor, Anjan V. - 2003

In this paper we introduce flexibility as an economic concept and apply it to the firm’ssecurity issuance decision and capital structure choice. Flexibility is the ability to makedecisions that one thinks are best even when others disagree. The firm’s management valuesflexibility because it...

Persistent link: https://www.econbiz.de/10010324789

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