| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16693 |
| DP16693 Bank Credit and Market-based Finance for Corporations: The Effects of Minibond Issuances | |
| Steven Ongena; Sara Pinoli | |
| 发表日期 | 2021-11-03 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Does a diversification of funding sources affect the financing conditions for firms? To answer this question we study a regulatory reform which allowed unlisted firms to issue minibonds. Using the Italian Credit Register, we compare new loans granted to issuer firms with new loans concurrently granted to similar non-issuer firms. We find that issuer firms obtain lower interest rates on bank loans of the same maturity than non-issuer firms, suggesting an improvement in their bargaining power with banks. Issuer firms also reduce the amount of used bank credit, expand their total and fixed assets, and raise their leverage. |
| 主题 | Financial Economics |
| 关键词 | Bank credit Capital markets Minibonds Loan pricing Sme finance |
| URL | https://cepr.org/publications/dp16693 |
| 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/545629 |
| 推荐引用方式 GB/T 7714 | Steven Ongena,Sara Pinoli. DP16693 Bank Credit and Market-based Finance for Corporations: The Effects of Minibond Issuances. 2021. |
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