全球智库信息集成服务系统(G2TT): Going-Concern Debt of Financial Intermediaries

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w28088
来源ID	Working Paper 28088
	Going-Concern Debt of Financial Intermediaries
	Yueran Ma; José A. Scheinkman
发表日期	2020-11-16
出版年	2020
语种	英语
摘要	We study asset and debt characteristics of US bank holding companies. We show that financial institutions, especially large institutions, are not just about holding discrete assets. Services and going-concern values are important, and capital market debt against going-concern values accounts for 10% to 15% of total assets, comparable to the volume of capital market debt against discrete assets. We find that financial institutions’ debt against going-concern values has weak monitoring, relative to similar debt among non-financial firms. We argue that weak monitoring prevails because creditors cannot easily punish or restructure these institutions should they violate covenants, which limits covenants’ usefulness.
主题	Financial Economics ; Financial Institutions ; Corporate Finance
URL	https://www.nber.org/papers/w28088
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/585762
推荐引用方式 GB/T 7714	Yueran Ma,José A. Scheinkman. Going-Concern Debt of Financial Intermediaries. 2020.