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来源类型Working Paper
规范类型报告
DOI10.3386/w14952
来源IDWorking Paper 14952
Market Conditions and the Structure of Securities
Isil Erel; Brandon Julio; Woojin Kim; Michael Weisbach
发表日期2009-05-15
出版年2009
语种英语
摘要Economic theory, as well as commonly-stated views of practitioners, suggests that market downturns can affect both the ability and manner in which firms raise external financing. Theory suggests that downturns should be associated with a shift toward less information-sensitive securities, as well as a "flight to quality", in which firms can issue high-rated securities but not low-rated ones. We evaluate these hypotheses on a large sample of publicly-traded debt issues, seasoned equity offers, and bank loans. We find that market downturns lead firms to use less information-sensitive securities. In addition, poor market conditions affect the structure of securities offered, shifting them towards shorter maturities and more security. Furthermore, market conditions affect the quality of securities offered, with worsening conditions substantially lowering the number of low-rated debt issues. Overall, these findings suggest that market-wide conditions are important factors in firms' capital raising decisions.
主题Macroeconomics ; Financial Economics ; Corporate Finance
URLhttps://www.nber.org/papers/w14952
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/572628
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GB/T 7714
Isil Erel,Brandon Julio,Woojin Kim,et al. Market Conditions and the Structure of Securities. 2009.
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