| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13008 |
| DP13008 Corporate Borrowing and Debt Maturity: The Effects of Market Access and Crises | |
| Juan Cortina Lorente; Tatiana Didier; Sergio Schmukler | |
| 发表日期 | 2018-06-21 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | This paper studies how access to different markets and crises impact debt financing and maturity. Using data on worldwide corporate issuance activity in domestic and international bond and syndicated loan markets during 1991-2014, the paper shows that these markets are affected differently by crises, while providing financing to different firms at distinct maturities. During the global financial crisis and domestic banking crises, large firms moved away from the crisis-hit markets toward less affected, longer-term ones, switching their financing sources. Hence, firms that switched markets compensated for the financing shocks and maintained, or increased, their borrowing maturity. Country-level maturities also remained stable or even lengthened. However, firms that did not move across markets typically experienced declining financing and shorter borrowing maturities. Firm movements across markets are consistent with credit tightening during crises due to supply-side shocks, significantly affecting debt composition, borrowing maturity, and credit redistribution across firms of different sizes. |
| 主题 | Financial Economics |
| 关键词 | Borrowing maturity Capital raising Debt markets Firm financing Global financial crisis (gfc) Syndicated loans Corporate bonds |
| URL | https://cepr.org/publications/dp13008 |
| 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/541815 |
| 推荐引用方式 GB/T 7714 | Juan Cortina Lorente,Tatiana Didier,Sergio Schmukler. DP13008 Corporate Borrowing and Debt Maturity: The Effects of Market Access and Crises. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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