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The Relation between Corporate and Government Debt Maturity in Europe
Lugo, Stefano - 2020
This paper investigates the gap-filling explanation for corporate debt maturity choices in a multi-country setting. We … argue that companies adjust their debt maturity in response to shocks in government debt maturity both at home and abroad … results have relevant implications for the opportunity for individual governments to use their debt maturity structure as a …
Persistent link: https://www.econbiz.de/10012854834
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Product Market Threats and Performance-Sensitive Debt
Kjenstad, Einar C. - 2018
This paper examines how product market threats shape the use of performance pricing in loan contracts. Loan contracting faces a trade-off between financial markets and product markets: while using contractual terms that are linked to borrower performance -- such as performance pricing --...
Persistent link: https://www.econbiz.de/10012938056
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Debt and equity yields, 1926-1980
Hendershott, Patric H.; Huang, Roger D. - 1983
Persistent link: https://www.econbiz.de/10002769535
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Debt and Equity Yields : 1926-80
Hendershott, Patric H. - 2010
The study is divided into four broad parts, beginning with an exploratory analysis of the data on expost returns on corporate equities and bonds for the 1926-80 period. In Part 2, we estimate the relationships between one-month expost returns on corporate bonds and equities andvariations in...
Persistent link: https://www.econbiz.de/10012763036
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When central banks buy corporate bonds : target selection and impact of the European Corporate Sector Purchase Program
Galema, Rients; Lugo, Stefano - In: Journal of financial stability 54 (2021), pp. 1-12
Persistent link: https://www.econbiz.de/10012794131
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Debt and Equity Yields : 1926-80
Hendershott, Patric H. - 1983
The study is divided into four broad parts, beginning with an exploratory analysis of the data on expost returns on corporate equities and bonds for the 1926-80 period. In Part 2, we estimate the relationships between one-month expost returns on corporate bonds and equities andvariations in...
Persistent link: https://www.econbiz.de/10012477959
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External financing and economic activity in the euro area : why are bank loans special?
Aldasoro, Iñaki; Unger, Robert - 2017
Using a Bayesian vector autoregression (BVAR) identified with a mix of sign and zero restrictions, we show that a restrictive bank loan supply shock has a strong and persistent negative impact on real GDP and the GDP deflator. This result comes about even though flows of other sources of...
Persistent link: https://www.econbiz.de/10011632175
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Does the Country Effect Matter in the Capital Structure Decisions of European Firms?
Venanzi, Daniela - 2015
Recent international financial research finds that a firm's capital structure is not only influenced by firm- and industry-specific determinants, but also by country-specific factors. A brief review of the last decade's studies on the country effect identifies some areas of potential development...
Persistent link: https://www.econbiz.de/10013021287
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Capital structure, corporate taxation and firm age
Pfaffermayr, Michael; Stöckl, Matthias; Winner, Hannes - 2009
This paper analyzes the relationship between corporate taxation, firm age and debt. We adapt a standard model of capital structure choice under corporate taxation, focusing on the financing and investment decisions a firm is typically faced with. Our model suggests that the debt ratio is...
Persistent link: https://www.econbiz.de/10009732574
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A new theoretical analysis of the debt financing decision : European evidence from industry data
Álvarez García, Begoña; Boedo Vilabella, Lucía; … - In: Atlantic review of economics : AROE 2 (2012)
The objective of this paper is to investigate the process of company´s debt accumulation in different European countries throughout the last decade. As a preliminary step to the empirical study, a new theoretical framework is proposed relative to capital structure, where the decision of going...
Persistent link: https://www.econbiz.de/10010230383