| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14952 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w14952 |
| 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/572628 |
| 推荐引用方式 GB/T 7714 | Isil Erel,Brandon Julio,Woojin Kim,et al. Market Conditions and the Structure of Securities. 2009. |
| 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 | ||
| w14952.pdf（157KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
