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News-driven international credit cycles
Ozhan, G. Kemal - 2021 - Last updated: December 23, 2021
How does news about future economic fundamentals affect within-country and cross-country credit allocation? How … between 2000-2010, including the changes in the sectoral allocation of bank credit and movements in cross-country borrowing …
Persistent link: https://www.econbiz.de/10012793564
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Corporate foreign bond issuance and interfirm loans in China
Huang, Yi; Panizza, Ugo; Portes, Richard - 2018
This paper uses firm-level data to document and analyze international bond issuance by Chinese non-financial corporations and the use of the proceeds of issuance. We find that dollar issuance is positively correlated with the differential between domestic and foreign interest rates. This...
Persistent link: https://www.econbiz.de/10011927476
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Growth of Global Corporate Debt : Main Facts and Policy Challenges
Abraham, Facundo - 2020
This paper surveys the literature to document the main stylized facts, risks, and policy challenges related to the expansion of global nonfinancial corporate debt after the 2008–09 global financial crisis. Nonfinancial corporate debt steadily increased after the crisis, especially in emerging...
Persistent link: https://www.econbiz.de/10012823367
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Managing Credit Bubbles
Martin, Alberto - 2014
We study a dynamic economy where credit is limited by insufficient collateral and, as a result, investment and output … are too low. In this environment, changes in investor sentiment or market expectations can give rise to credit bubbles …, that is, expansions in credit that are backed not by expectations of future profits (i.e.fundamental collateral), but …
Persistent link: https://www.econbiz.de/10013050667
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Covenant-light contracts and creditor coordination
Becker, Bo; Ivashina, Victoria - 2016
In 2015, 70% of newly-issued leveraged loans had weaker enforcement features, called covenant-light or "cov-lite;" this is nearly a three-time increase in cov-lite issuance compared to a previous peak in 2007. We evaluate whether this development can be attributed to market overheating, increased...
Persistent link: https://www.econbiz.de/10011489998
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Disruption and Credit Markets
Becker, Bo - 2019
show that this increase in credit risk can be largely attributed to an increase in the rate at which new and fast …
Persistent link: https://www.econbiz.de/10012893662
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Credit booms and bank risk in Southeast Asian countries : does credit information sharing matter?
Tran Hung Son; Nguyen, Dat T.; Nguyen Khuong Vinh; … - In: Asia-Pacific journal of business administration 16 (2024) 2, pp. 352-366
Persistent link: https://www.econbiz.de/10014514435
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Public/private transitions and firm financing
Huynh, Kim P.; Paligorova, Teodora; Petrunia, Robert - 2013
A large body of empirical literature investigates differences in financing structures across firms. Private firms' financing receives little attention due to the lack of data. Using administrative confidential data on the universe of Canadian corporate firms, we compare financing relationships...
Persistent link: https://www.econbiz.de/10010188178
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Why Do Governments Lend? Evidence from the Corporate Loan Market
Fotak, Veljko - 2013
Despite the inefficiencies documented in empirical studies, state ownership of productive assets persists worldwide. One explanation is the “market failure” view, positing that the raison d'être of state-owned firms is to enable projects the private sector is reluctant to sponsor. I analyze...
Persistent link: https://www.econbiz.de/10013091652
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Why Do Governments Lend? Evidence from the Corporate Loan Market
Fotak, Veljko - 2014
Despite the inefficiencies documented in empirical studies, state ownership of productive assets persists worldwide. One explanation is the “market failure” view, positing that the raison d'être of state-owned firms is to enable projects the private sector is reluctant to sponsor. I analyze...
Persistent link: https://www.econbiz.de/10013058705