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The Pricing of Short‐Term Debt and the Miller Hypothesis: A Note
The Journal of Finance, 1985IN 1977, MILLER [2] CHALLENGED conventional wisdom concerning the gain from corporate leverage. Introducing an equilibrium model of the municipal and corporate debt markets and arguing that the effective personal tax rate on equity is negligible, Miller concluded that the relevant marginal tax rate operating across the two markets would be the ...
BRADFORD D. JORDAN, RICHARD H. PETTWAY
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The Use of Debt to Prevent Short-Term Managerial Exploitation
Annals of Finance, 2006This paper emphasizes the versatility of debt by presenting a setting in which debt is used to assuage a manager. Our result is driven by the option-like feature of shareholder ownership in the presence of debt and the detrimental effect of diversification (reduced volatility) on option value.
Anil Arya, Jonathan Glover
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The Domestic Market for Short-term Debt Securities [PDF]
, 2011 The market for short-term debt is dominated by the issuance of bank securities. Yields on these securities act as an important reference rate within the financial system. The turmoil in global markets during recent years has led to significant changes in the short-term debt market as the funding profiles of banks and other issuers of short-term ...
Matthew Boge, Ian Wilson
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The short term effect of educational debt on job decisions
Economics of Education Review, 2005Abstract This paper studies the effect of educational debt on a college attendee's future wage and wage growth. I hypothesize that those who took larger loans to pay for college are subject to higher borrowing interest rates and thus prefer income profiles with higher initial earnings, sacrificing future income growth, relative to those who did not ...
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Institutional Investors and Corporate Short-Term Debt Financing
2013China’s listed companies have short-term debt financing preference. But institutional shareholders have the ability to influence the company’s financing decisions. Through the analysis of 2009–2011 data, we found that the proportion of institutional investors holding has a significant negative correlation with the level of short-term debt.
Fang-fei Ding, Chan Gu, Jin-hua Chen
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Debt Contracts with Short-Term Commitment [PDF]
, 2008 This paper analyzes the role of short-term commitment by the lender in a dynamic relationship where the borrower cannot be legally forced to make repayments. I show that short-term commitment can decrease social welfare compared to both the full and no-commitment cases considered by most of the literature.
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12 Restructuring Korean Banks’ Short-Term Debts
2002Edited by David T. Coe and Se-Jik Kim, this volume contains papers presented at a May 2001 conference in Seoul sponsored by the IMF and the Korea Institute for International Economic Policy on the Korean Crisis and Recovery. The papers examine the response to the 1997 crisis, its long-term impact on growth, and the state of financial and corporate ...
David Coe, Se-Jik Kim
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Short-Term Debt in International Banking Crises [PDF]
, 2008 This paper explores how a bank run can occur when a bank takes into account short-term capital inflow from abroad. My model is an extension of the Diamond-Dybvig model to include the possibility that short-term liquidity needs can be met by borrowing from abroad.
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Balance of Payments Crisis: The Role of Short-Term Debt [PDF]
June 2000 (Revised) This paper presents a dynamic general equilibrium model of balance of payments crises to analyze the role of sterilization policies during speculative attacks. It is shown that if domestic bond interest rates are not allowed to rise real money balances increase and the attack takes place entirely in the domestic bond market, leading
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