G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w25467
来源IDWorking Paper 25467
Securities Laws, Bank Monitoring, and the Choice Between Cov-lite Loans and Bonds for Highly Levered
Robert Prilmeier; René M. Stulz
发表日期2019-01-21
出版年2019
语种英语
摘要In contrast to bonds, cov-lite loans do not require SEC registration and are not subject to securities laws. We show that this distinction plays an important role in firms’ choice between funding through cov-lite loans and bonds and helps understand why the market share of cov-lite loans has been so high in recent normal times. Compared to cov-heavy loans, cov-lite loans are closer substitutes for bonds in that they have similar covenants, have tighter bid-ask spreads, have more trading, and are more likely to be used to refinance bonds than cov-heavy loans.
主题Microeconomics ; Economics of Information ; Financial Economics ; Financial Markets ; Financial Institutions ; Corporate Finance
URLhttps://www.nber.org/papers/w25467
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/583141
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Robert Prilmeier,René M. Stulz. Securities Laws, Bank Monitoring, and the Choice Between Cov-lite Loans and Bonds for Highly Levered. 2019.
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