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Uncovering patterns of state short-term debt financing

Journal of Public Budgeting, Accounting & Financial Management, 2000
Despite balanced budget requirements, each year most states carry short term debt (STD) across fiscal years. Logit analysis results suggest structural fiscal stress causes states to carry STD across fiscal years. This strategy may not be rational, because STD is a tool for smoothing short-term shortfalls, and not for correcting structural fiscal stress.
Paul C. Trogen
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Short-Term Debt and Corporate Governance

The Review of Financial Studies, 2022
Abstract According to existing theories, short-term creditors promote corporate governance by responding quickly to new information. I show that this very feature of short-term debt can also undermine corporate governance. Though moderate levels of short-term debt improve the efficacy of blockholder exit and increase blockholders ...
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Short-term Debt in Spanish SMEs

International Small Business Journal: Researching Entrepreneurship, 2004
This article analyses the debt maturity structure of small and medium-sized firms in terms of the risk and return trade-off associated with the use of short-term loans. The sample covers 11,533 small and medium-sized Spanish manufacturing firms over the period from 1997 to 2001.The results show that short-term loans are more common in firms with ...
Pedro J. García-Teruel, Pedro Martínez-Solano   +1 more
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Short-term debt and incentives for risk-taking

Journal of Financial Economics, 2017
Abstract We challenge the view that short-term debt curbs moral hazard and demonstrate that, in a world with financing frictions and fair debt pricing, short-term debt generates incentives for risk-taking. To do so, we develop a model in which firms are financed with equity and short-term debt and cannot freely optimize their default decision because
Della Seta, Marco, Morellec, Erwan, Zucchi, Francesca   +2 more
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The use of short‐term debt by general‐purpose governments

Public Budgeting & Finance, 2021
AbstractThis paper analyzes local government use of short‐term debt. Though long‐term debt, largely used for capital projects, is relatively well‐researched, predictors for the use of short‐term debt need to be further developed. We hypothesize that governments with limited cash reserves and expenditure flexibility are more likely to use short‐term ...
Michelle L. Lofton, Sharon N. Kioko
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Short-Term Debt and Bank Risk

Journal of Financial and Quantitative Analysis, 2018
The extant literature suggests that one of the main causes of the recent financial crisis was the excessive use of short-term debt by banks. Using a large sample of banks, we find that increases in repurchase agreements (repos) were recognized by external capital markets to increase bank risk in the pre-crisis period.
Brian Du, Darius Palia
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DEMAND FOR SHORT TERM GOVERNMENT DEBT*

The Journal of Finance, 1972
SHORT-TERM government securities are by far the major instruments transacted in the money market. The various intermediaries or institutions which make up the demand sectors for these securities have differing uses or reasons for holding them or disposing of them during varying phases or cycles of economic activity.
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The Long-Term Use of Short-Term Debt Around the World

SSRN Electronic Journal, 2019
We propose novel proxies to identify firms that use short-term debt to fund long-term investment (SDLI). Using an international sample across 46 countries over the 1990-2015 period, we show that our SDLI proxies are negatively related to debt maturity, and positively related to the sensitivity of investment to short-term debt.
Lifang Chen, Yong Li, Yizhong Wang, Bohui Zhang   +3 more
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Short-term institutional investors and agency costs of debt

Journal of Business Research, 2019
Abstract We conjecture that the presence of short-term institutional investors exacerbates agency conflicts between shareholders and creditors because short-term institutions might force firm managers to take myopic actions. Using the data on private debt to U.S.
Hyun-Dong Kim, Yura Kim, Tomas Mantecon, Kyojik \\"Roy\\" Song   +3 more
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Short-Term Debt Maturity, Monitoring and Accruals-Based Earnings Management

Journal of Contemporary Accounting and Economics, 2013
Most prior studies assume a positive relation between debt and earnings management, consistent with the financial distress theory. However, the empirical evidence for financial distress theory is mixed.

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