| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP570 |
| DP570 Corporate Finance in the Euromarkets and the Economics of Intermediation | |
| E Philip Davis; Colin Mayer | |
| 发表日期 | 1991-08-01 |
| 出版年 | 1991 |
| 语种 | 英语 |
| 摘要 | This paper examines bond and syndicated bank finance in the Euromarkets. It uses a comprehensive data bank on Euromarkets to evaluate alternative theories of financial intermediation. A model is estimated that provides a good description of firms' choice of finance. The paper concludes that Euromarkets are best described by control (`transactions banking') rather than commitment (`relationship banking'). Bank and bond markets are not perfect substitutes, however, even for large companies: the financing of high-risk projects requires the involvement of banks. Banks therefore retain a central function and the operation of bank syndicates is crucial to the financing of large corporations. |
| 关键词 | Eurobonds Financial intermediation Syndicated bank credit |
| URL | https://cepr.org/publications/dp570 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529728 |
| 推荐引用方式 GB/T 7714 | E Philip Davis,Colin Mayer. DP570 Corporate Finance in the Euromarkets and the Economics of Intermediation. 1991. |
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