| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w27641
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| 来源ID | Working Paper 27641
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| Two Tales of Debt |
| Amir Kermani; Yueran Ma
|
| 发表日期 | 2020-08-10
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| 出版年 | 2020
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| 语种 | 英语
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| 摘要 | We analyze the heterogeneous nature of corporate debt contracts, some focusing on liquidation values of discrete assets whereas others on going-concern values of the business. Using hand-collected data on firm attributes, we present several findings. First, firms on average have limited liquidation values. Second, companies with lower liquidation values have more debt backed by going-concern values and more intensive monitoring of firm performance. They have higher interest rates only for debt against discrete assets. Third, secured debt is not always tied to liquidation values of discrete assets. We present a model that matches the empirical findings, which demonstrates how creditor monitoring and covenants facilitate borrowing well beyond liquidation values. |
| 主题 | Financial Economics
; Corporate Finance
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| URL | https://www.nber.org/papers/w27641
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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/585313
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推荐引用方式
GB/T 7714 |
Amir Kermani,Yueran Ma. Two Tales of Debt. 2020.
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文件名：
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w27641.pdf
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格式：
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Adobe PDF
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