| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w4848 |
| 来源ID | Working Paper 4848 |
| Commercial Paper, Corporate Finance, and the Business Cycle: A Microeconomic Perspective | |
| 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 | Little is known about the characteristics 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. These characteristics allow firms to issuenear-riskless short-term debt and supply a near-money asset to themarket, 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. 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. |
| URL | https://www.nber.org/papers/w4848 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/562259 |
| 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: A Microeconomic Perspective. 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 | ||
| w4848.pdf（2314KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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