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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
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SSRN Electronic Journal, 2019
We review the literature on debt structure, which is a central element in a firm's capital structure. We first survey both theoretical and empirical research pertaining to debt characteristics—maturity and priority—and debt types—bank loans, corporate bonds, credit lines, commercial paper, and capital leases.
Paolo Colla, Filippo Ippolito, Kai Li
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We review the literature on debt structure, which is a central element in a firm's capital structure. We first survey both theoretical and empirical research pertaining to debt characteristics—maturity and priority—and debt types—bank loans, corporate bonds, credit lines, commercial paper, and capital leases.
Paolo Colla, Filippo Ippolito, Kai Li
openaire +1 more source
Essays on Debt Issuance and Debt Structure
2022This thesis consists of three chapters on empirical corporate finance. In chapter one, I examine how CEO overconfidence affects firms’ choice of debt issuance. I find that firms with overconfident CEOs issue more bank loans than public bonds. The second chapter examines the effect of organization capital on corporate debt structure.
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Bank Shocks and the Debt Structure
SSRN Electronic Journal, 2021Abstract 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 ...
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Capital Structure and Debt Priority
Financial Management, 2011We study a defaultable firm's debt priority structure in a simple structural model where the firm issues senior and junior bonds and is subject to both liquidity and solvency risks. Assuming that the absolute priority rule prevails and that liquidation is immediate upon default, we determine the firm's interior optimal priority structure along with its
Attaoui, Sami, Poncet, Patrice
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The Maturity Structure of Corporate Debt
The Journal of Finance, 1995ABSTRACTWe 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.
Barclay, Michael J +1 more
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Debt as Choice, Debt as Structure
2011This epilogue argues that the dependence on credit was the creation, intentional and unintentional, of the sometimes unlikely choices of government, business, and consumers. Over the first half of the twentieth century, government and business fashioned a new legal network of credit institutions and offered most American consumers a choice of whether ...
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Debt, structural adjustment and health
2011Introduction The debt narrative is encapsulated in the conundrum of why post-apartheid South Africa chose to cripple itself with debts that it could so easily have repudiated. Nelson Mandela described the apartheid debt as “the greatest single obstacle to progress in this country.” He explained further We are limited in South Africa because our ...
Jeff Rudin, David Sanders
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