| 来源类型 | Working Paper
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| 规范类型 | 报告
|
| DOI | 10.3386/w14488
|
| 来源ID | Working Paper 14488
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| Capital Structure and Debt Structure |
| Joshua D. Rauh; Amir Sufi
|
| 发表日期 | 2008-11-13
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| 出版年 | 2008
|
| 语种 | 英语
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| 摘要 | Using a novel data set that records individual debt issues on the balance sheet of a large random sample of rated public firms, we show that a recognition of debt heterogeneity leads to new insights into the determinants of corporate capital structure. We first demonstrate that traditional capital structure studies that ignore debt heterogeneity miss a substantial fraction of capital structure variation. We then show that relative to high credit quality firms, low credit quality firms are more likely to have a multi-tiered capital structure consisting of both secured bank debt with tight covenants and subordinated non-bank debt with loose covenants. Further, while high credit quality firms enjoy access to a variety of sources of discretionary flexible sources of finance, low credit quality firms rely on tightly monitored secured bank debt for liquidity. We discuss the extent to which these findings are consistent with existing theoretical models of debt structure in which firms simultaneously use multiple debt types to preserve manager and creditor incentives. |
| 主题 | Financial Economics
; Financial Institutions
; Corporate Finance
; Other
; Accounting, Marketing, and Personnel
|
| URL | https://www.nber.org/papers/w14488
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/572163
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推荐引用方式
GB/T 7714 |
Joshua D. Rauh,Amir Sufi. Capital Structure and Debt Structure. 2008.
|
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文件名：
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w14488.pdf
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格式：
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Adobe PDF
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