| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16941 |
| 来源ID | Working Paper 16941 |
| Macroeconomic Conditions and Capital Raising | |
| Isil Erel; Brandon Julio; Woojin Kim; Michael S. Weisbach | |
| 发表日期 | 2011-04-07 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | Do macroeconomic conditions affect firms' abilities to raise capital? If so, how do they affect the manner in which the capital is raised? We address these questions using a large sample of publicly-traded debt issues, seasoned equity offers, bank loans and private placements of equity and debt. Our results suggest that a borrower's credit quality significantly affects its ability to raise capital during macroeconomic downturns. For noninvestment-grade borrowers, capital raising tends to be procyclical while for investment-grade borrowers, it is countercyclical. Moreover, proceeds raised by investment grade firms are more likely to be held in cash in recessions than in expansions. Poor market conditions also affect the structure of securities offered, shifting them towards shorter maturities and more security. Overall, our results suggest that macroeconomic conditions influence the securities that firms issue to raise capital, the way in which these securities are structured and indeed firms' ability to raise capital at all. This influence likely occurs primarily through the effect of macroeconomic conditions on the supply of capital. |
| 主题 | Macroeconomics ; Financial Economics ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w16941 |
| 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/574615 |
| 推荐引用方式 GB/T 7714 | Isil Erel,Brandon Julio,Woojin Kim,et al. Macroeconomic Conditions and Capital Raising. 2011. |
| 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 | ||
| w16941.pdf（373KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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