Download or read book The Determinants of Corporate Debt Maturity Structure written by Ewa J. Kleczyk and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The Determinants of Corporate Debt Maturity Structure.
Download or read book The Maturity Structure of Debt written by Fabio Schiantarelli and published by World Bank Publications. This book was released on 1997 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Determinants of Corporate Debt Maturity Structure written by and published by . This book was released on 1995 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Determinants of Corporate Debt Maturity Structure written by Antonios Antoniou and published by . This book was released on 2004 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the determinants of corporate debt maturity structure decisions of French, German and UK firms using panel data. These countries are characterised by different financial systems and traditions that have implications on how firms decide their debt maturity structure. We apply several alternative estimation methods and show that in debt structure modelling endogeneity problem should be controlled for. We do so by using Generalised Method of Moments (GMM) estimation method. The GMM results suggest that firms in all three countries adjust their debt ratios to attain their target maturity structure. However, the speed at which firms adjust their maturity structure towards their target levels differs from one country to another. A direct association of debt maturity with leverage in all countries confirms the predictions of the liquidity risk argument. However, corporate tax rate, growth opportunities, liquidity, firm quality, earnings volatility, asset maturity and firm size have different degree and direction of effect on debt maturity across the sample countries. Apart from these firm-specific factors, we also find that the impact of market-related factors (term structure of interest rates, equity premium, share price performance, and interest rate volatility) on debt maturity is country dependent. Hence, the debt maturity structure of a firm is determined by both firm-specific factors and country-specific effects.
Download or read book The Determinants of Corporate Debt Maturity Structure written by Mark Hoven Stohs and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the empirical determinants of debt maturity structure using a maturity structure measure that incorporates detailed information about all of a firm's liabilities. We find that larger, less risky firms, with longer-term asset maturities use longer-term debt. Additionally, debt maturity varies inversely with earnings surprises and a firm's effective tax rate, but there is only mixed support for an inverse relation with growth opportunities. We find strong support for the prediction of a non-monotonic relation between debt maturity and bond rating: firms with high or very low bond ratings use shorter-term debt.
Download or read book Empirical Determinants of Corporate Debt Maturity Structure written by Mark Hoven Stohs and published by . This book was released on 1994 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Debt Maturity and the Use of Short Term Debt written by Sophia Chen and published by International Monetary Fund. This book was released on 2019-02-05 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: The maturity structure of debt can have financial and real consequences. Short-term debt exposes borrowers to rollover risk (where the terms of financing are renegotiated to the detriment of the borrower) and is associated with financial crises. Moreover, debt maturity can have an impact on the ability of firms to undertake long-term productive investments and, as a result, affect economic activity. The aim of this paper is to examine the evolution and determinants of debt maturity and to characterize differences across countries.
Download or read book The Determinants of Corporate Debt Maturity Structure written by Sujitra Eiammongkolsakul and published by . This book was released on 2013 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Maturity Structure of Corporate Debt written by Michael J. Barclay and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide an empirical examination of the determinants of corporate debt maturity. Our evidence offers strong support for the contracting-cost hypothesis. Firms that have few growth options are large, or are regulated have more long-term debt in their capital structure. We find little evidence that firms use the maturity structure of their debt to signal information to the market. The evidence is consistent, however, with the hypothesis that firms with larger information asymmetries issue more short- term debt. We find no evidence that taxes affect debt maturity.
Download or read book Determinants of Corporate Debt Maturity in Latin America written by Paulo R. S. Terra and published by . This book was released on 2010 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, I investigate the choice of debt maturity of the firm for a set of countries of Latin America employing dynamic panel data analysis to a sample of 986 non-financial firms from Latin America and 977 from the United States over a 16-year period. Most empirical work in this subject has focused on developed countries, in particular the United States. Also, it is an opportunity to verify the applicability of some of the theories of maturity structure in a multi-country setting. My main findings are that there is a substantial dynamic component in the determination of a firm's maturity structure, firms face moderate adjustment costs towards its optimal maturity, and the determinants of maturity structure and their effects are similar between Latin American countries and the United States, despite obvious differences in the financial and business environments of these countries.
Download or read book An Empirical Analysis of Corporate Debt Maturity Structure written by Aydin Ozkan and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book U S and Non U S Market Corporate Debt Maturity Determinants written by Liang Tang and published by . This book was released on 1999 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Maturity Structure of Debt Determinants and Effects on Firms Performance Evidence from the United Kingdom and Italy written by Fabio Schiantarelli and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: January 1997 Firms tend to match assets with liabilities, and more profitable firms have more long-term debt. Long-term debt has a positive effect on firms' performance, but this is not true when a large fraction of that debt is subsidized. The authors empirically investigate the determinants and consequences of the maturity structure of debt, using data from a panel of UK and Italian firms. They find that in choosing a maturity structure for debt, firms tend to match assets and liabilities, as both conventional wisdom and some recent theoretical models suggest. They conclude that more profitable firms (as measured by the ratio of cash flow to capital) tend to have more long-term debt. This finding is consistent with the dominant role played by firms' fear of liquidation and loss of control associated with short-term debt. It may also reflect the willingness of financial markets to provide long-term finance only to quality firms. The data do not support the hypothesis that short-term debt, through better monitoring and control, boosts efficiency and growth -rather, the opposite can be concluded. In both countries, the data suggest a positive relationship between initial debt maturity and the firms' subsequent medium-term performance (i.e., profitability and growth in real sales). In both countries total factor productivity (TFP) depends positively on the length of debt maturity when the maturity variable is entered both contemporaneously and lagged. But in Italy the positive effect of the length of maturity on productivity is substantially reduced or even reversed when the proportion of subsidized credit increases. The authors document the relationship between firms' characteristics and their choice of shorter or long-term debt by estimating a maturity equation and interpreting the results in light of insights from theoretical literature, and by analyzing the effects of maturity on firms' later performance in terms of profitability, growth, and productivity; assess how TFP depends on the degree of leverage and the proportion of longer and shorter-term debt; and analyze the relationship between firms' debt maturity and investment. This paper--a product of the Finance and Private Sector Development Division, Policy Research Department--is part of a larger effort in the department to study the effects of financial structure on economic performance. The study was funded by the Bank's Research Support Budget under the research project Term Finance: Theory and Evidence (RPO 679-62).
Download or read book An Empirical Investigation of the Corporate Debt Maturity Structure written by James R. Morris and published by . This book was released on 1975* with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Firm and Country Determinants of Debt Maturity International Evidence written by Víctor M. González and published by . This book was released on 2014 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyses the effect of firm- and country-level determinants on debt maturity structure and how this effect varies across countries and across firm size. Results for 39 countries show that firm-level variables such as asset maturity, size, firm quality and leverage affect debt maturity structure. Institutions and banking structure also influence corporate debt maturity. While the efficiency of the legal system, protection of creditors' rights and bank concentration show a positive relationship to debt maturity, the protection of property rights and the weight of banks in the economy have a negative effect on firm debt maturity. However, these firm- and country-level determinants vary according to firm size. The agency costs and signalling hypotheses are more relevant in explaining the debt maturity structure of large firms, while the asset maturity and tax hypotheses are more pertinent in the case of small firms. Most of the country-level determinants of debt maturity are size dependent; in particular, bank concentration has a positive influence on debt maturity only for the subsample of small firms, while the weight of banks in the economy has a negative influence for small firms.
Download or read book The Determinants of Debt Maturity at Issuance written by Elyas Elyasiani and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the determinants of corporate debt maturity while taking into account the interdependent relation between maturity and leverage. We do this by estimating a simultaneous-equations model on debt maturity and leverage for a sample of bond-issuing firms. To compare with previous studies, we also estimate a single-equation model on debt maturity using OLS. We define debt maturity as either the maturity of bonds at issuance (incremental approach), or the percentage of a firm's total debt that matures in more than three years (balance-sheet approach). Corroborating the findings of many previous studies, our single-equation OLS results support the underinvestment hypothesis purporting that firms with greater growth opportunities have shorter-term debt. However, under the simultaneous-equations model, the negative relation between a firm's debt maturity and its growth opportunities ceases to hold. Instead, it is the leverage decision that is influenced by growth opportunities. This suggests that existing models may overestimate the effect of growth opportunities on debt maturity.
Download or read book A Theoretical and Empirical Study of Potential Determinants of Corporate Debt Maturity Structure as Investigated Within the Canadian Manufacturing Environment written by Philip M. Quintal and published by . This book was released on 1982 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
