| 来源类型 | Working Paper |
| 规范类型 | 论文 |
| Commercial Paper, Corporate Finance, and the Business Cycle | |
| Charles W. Calomiris; Charles P. Himmelberg; Paul Wachtel | |
| 发表日期 | 1994-09-01 |
| 出版年 | 1994 |
| 语种 | 英语 |
| 摘要 | This full text of this paper is available here in Adobe Acrobat PDF. Abstract Little is known about the characteristics or behavior of individual commercial paper issuers, or about the reasons for the countercyclical issuance of commercial paper in the aggregate. To address these issues we construct a new panel dataset linking Moody’s data on commercial paper issues with Standard and Poor’s Compustat. High credit quality is a requirement for entry into the commercial paper market, but long-term credit quality (bond rating) is not a sufficient statistic for short-term quality. Holding constant long-term credit quality, access to the commercial paper market depends on large size, allow firms to issue near-riskless short-term debt and supply a near-money asset to the market, thereby reducing their interest costs by the amount of the commercial paper liquidity premium. We find that low-credit-quality firms have higher stocks of inventories and financial assets. Low-quality firms also display greater cash flow sensitivity of inventories and financial assets. This suggests that, in contrast to commercial paper issuers, lower quality firms face financing constraints that lead them to accumulate “buffer stocks” of liquid assets. In contrast to the countercyclicality of aggregate commercial paper, we find that firm-level commercial paper is procyclical. Our data support three explanations for this apparent contradiction, all of which recognize that commercial paper issuers are atypical. First, firms of high credit quality can use commercial paper to finance inventory accumulation during downturns. Second, they also can use commercial paper to finance countercyclical increases in accounts receivable. This suggests that commercial paper issuers serve as intermediaries for other firms during downturns. Third, it may be that portfolio demand for commercial paper–a highly liquid, safe asset–increases during downturns. |
| 主题 | Public Economics |
| 标签 | Working Paper |
| URL | https://www.aei.org/research-products/working-paper/commercial-paper-corporate-finance-and-the-business-cycle/ |
| 来源智库 | American Enterprise Institute (United States) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/206750 |
| 推荐引用方式 GB/T 7714 | Charles W. Calomiris,Charles P. Himmelberg,Paul Wachtel. Commercial Paper, Corporate Finance, and the Business Cycle. 1994. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| 20050825_w4848.pdf（2309KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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