| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14572 |
| DP14572 The Dynamics of Corporate Debt Structure | |
| Josef Zechner; Michael Halling; Jin Yu | |
| 发表日期 | 2020-04-06 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We find that US public firms spread out their debt more across different sources in recession quar- ters, making measures of debt concentration move pro-cyclically. There is substantial cross-sectional variation in these dynamics. Firms with less leverage and higher debt concentration further de- crease leverage and increase debt concentration in recessions. The opposite is true for firms with higher leverage and lower debt concentration. The latter (former) group consists of firms that are larger (smaller), less risky (riskier), have fewer (more) growth options and lower (higher) cash levels. While the fraction of total assets funded by bank debt increases in the recession by approx- imately 18% of its average non-recession level, the equivalent measure for market debt drops by approximately 7%. Bank debt, in particular, term loans, appears to become more attractive during recession quarters, especially for borrowers characterized by high profitability while firm size, in contrast, has a positive effect on the use of market debt in recessions. A cluster analysis shows that a substantial fraction of frms changes its debt policy over the business cycle. For example, 12% of the firms that exclusively use bond-financing pre-recession switch to bank-financing during recessions. |
| 主题 | Financial Economics |
| 关键词 | Corporate debt structure dynamics Debt concentration Business cycle variation Clus- ter analysis |
| URL | https://cepr.org/publications/dp14572 |
| 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/543479 |
| 推荐引用方式 GB/T 7714 | Josef Zechner,Michael Halling,Jin Yu. DP14572 The Dynamics of Corporate Debt Structure. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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