Results 11 to 20 of about 716,001 (349)
Capital Structure and Debt Structure [PDF]
Review of Financial Studies, 2010 Using a novel data set that records individual debt issues on the balance sheets of public firms, we demonstrate that traditional capital structure studies that ignore debt heterogeneity miss substantial capital structure variation. Relative to high credit quality firms, low credit quality firms are more likely to have a multi-tiered capital structure ...
Joshua D. Rauh, Amir Sufi
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Debt structure and debt overhang [PDF]
Journal of Corporate Finance, 2022 We study the impact of heterogeneous debt structures on corporate financing and investment decisions in a dynamic trade-off model. The issuance of bank debt along with market debt accelerates investment and mitigates the ex-post debt overhang relative to exclusive market debt structures.
Liu Gan, Xin Xia, Hai Zhang
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Dynamic Investment, Debt Structure and Debt Overhang [PDF]
SSRN Electronic Journal, 2020 We study the impact of the optimal debt and priority structure on the intertwined corporate financing and investment decisions in a dynamic trade-off model, where the firm simultaneously uses bank and market debt for project financing. Private bank debt is renegotiable during financial distress, thus it avoids inefficient and costly bankruptcy losses ...
Liu Gan, Xin Xia, Hai Zhang
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Capital Structure and International Debt Shifting [PDF]
Journal of Financial Economics, 2006 This paper presents a model that relates a multinational firm's optimal debt policy to taxation and to non-tax factors such as the desire to prevent bankruptcy. The model yields the predictions that a multinational's indebtedness in a country depends on national tax rates and differences between national and foreign tax rates.
Harry Huizinga +2 more
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The Seniority Structure of Sovereign Debt [PDF]
SSRN Electronic Journal, 2019 Sovereign governments owe debt to many foreign creditors and can choose which creditors to favor when making payments. This paper documents the de facto seniority structure of sovereign debt using new data on defaults (missed payments or arrears) and creditor losses in debt restructuring (haircuts).
Matthias Schlegl +2 more
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CEO Inside Debt and Corporate Debt Maturity Structure [PDF]
SSRN Electronic Journal, 2015 This paper examines the relation between chief executive officer (CEO) inside debt holdings and corporate debt maturity. We provide robust evidence that inside debt has a positive effect on short-maturity debt and that this effect is concentrated in financially unconstrained firms that face lower refinancing risk.
Dang, Viet, Phan, Hieu V.
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Bank Shocks and the Debt Structure
SSRN Electronic Journal, 2021 Abstract This article studies how sudden changes in bank credit supply impact economic activity. I identify shocks to bank credit supply based on firms’ aggregate debt composition. I use a model where firms fund production with bonds and loans. In the model, bank shocks are the only type of shock that imply opposite movements in the two types of ...
David Gauthier
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Dynamic capital structure with callable debt and debt renegotiations [PDF]
Journal of Corporate Finance, 2002 We consider a dynamic trade-off model of a firm's capital structure with debt renegotiation. Debt holders only accept restructuring offers from equity holders backed by threats which are in the equity holders' own interest to execute. Our model shows that in a complete information model in which taxes and bankruptcy costs are the only frictions ...
Christensen, Peter Ove +3 more
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Sovereign Debt and Structural Reforms [PDF]
American Economic Review, 2019 We construct a dynamic theory of sovereign debt and structural reforms with limited enforcement and moral hazard. A sovereign country in recession wishes to smooth consumption. It can also undertake costly reforms to speed up recovery. The sovereign can renege on contracts by suffering a stochastic cost.
Mueller, Andreas +2 more
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The short term debt vs. long term debt puzzle: a model for the optimal mix [PDF]
, 2009 This paper argues that the existing finance literature is inadequate with respect to its coverage of capital structure of small and medium sized enterprises (SMEs).
A Burke +50 more
core +1 more source