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Author : Fabio Schiantarelli
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4./5 ( download)
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:
Author : Marco Lamieri
Publisher :
ISBN 13 :
Total Pages : 14 pages
Book Rating : 4.:/5 (129 download)
Download or read book Debt Maturity Structure of Italian Firms written by Marco Lamieri and published by . This book was released on 2009 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this paper is analyze the debt maturity choice of Italian firms using firm-level data. More precisely the analysis is aimed to characterize the profile of firms with different debt maturity and test the presence of a shift in the debt structure after the introduction of the euro currency. A second part of the paper try to grasp how is debt maturity links with firm's performances.
Author : Fabio Schiantarelli
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (913 download)
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).
Author : Silvia Magri
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.X/5 (3 download)
Download or read book Debt Maturity of Italian Firms written by Silvia Magri and published by . This book was released on 2006 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Fabio Schiantarelli
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (129 download)
Download or read book The Maturity Structure of Debt written by Fabio Schiantarelli and published by . This book was released on 2016 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Firms tend to match asset ...
Author : Schiantarelli
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)
Download or read book The Maturity Structure of Debt written by Schiantarelli and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Fabio Schiantarelli
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (777 download)
Download or read book The maturity structure of debt : determinants and effects of firms' performance : evidence from the United Kingdon and Italy written by Fabio Schiantarelli and published by . This book was released on 1997 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sophia Chen
Publisher : International Monetary Fund
ISBN 13 : 1484397630
Total Pages : 77 pages
Book Rating : 4.4/5 (843 download)
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.
Author : Silvia Magri
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (848 download)
Download or read book Debt Maturity of Italian Firm written by Silvia Magri and published by . This book was released on 2006 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Tiziana La Rocca
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (129 download)
Download or read book Financial Policy and Local Development in SMS' Italian Firms written by Tiziana La Rocca and published by . This book was released on 2007 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The present study explains both capital-structure and debt-maturity choices for small and medium-size Italian firms in terms of institutional differences at the local level, taking into consideration local financial development, the effectiveness of the local enforcement system, and other firm-specific characteristics. The ability of the local financial market to efficiently provide funds is of particular interest to small and medium-sized firms, due to the fact that large firms can tolerate imperfections in the local financial system by moving to international, more highly integrated financial markets. The empirical analysis is strictly based on the indicator created by Zingales et al. (2004) while the methodological approach is similar that of Barclay et al. (2003). The main findings of the analysis suggest that capital-structure and debt-maturity choices interact with each other and that corporate financial decisions are not only the result of firm-specific or industry-specific characteristics but are also based on the institutional climate in which a firm operates.In contrast to Barclay et al. (2003) and to reports in the Italian literature, the results of the analysis showed that leverage and debt-maturity are directly related as complementary factors. After controlling for the heterogeneity in a firm's characteristics, leverage was found to be positively influenced by local financial development while the enforcement system was less relevant. Conversely, debt maturity was longer in regions with high enforcement of the law, whereas local financial development did not play a relevant role. Other interesting findings about the role of credit worthiness, measured through the corporate financial rating, are also discussed.
Author : Silvia Giannangeli
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (837 download)
Download or read book Financial Structure and Corporate Growth Evidence from Italian Panel Data written by Silvia Giannangeli and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the relationships between firm financial structure and growth for a large sample of Italian firms (1998-2003). We expand upon existing analyses testing whether liquidity constraints affect firm performance by considering among growth determinants also firm debt structure. Panel regression analyses show that more liquid firms tend to grow more. However, firms do not use their capital to expand, but rather to increase debt. We also find that firm growth is highly fragile as it is positively correlated with non-financial liabilities and it is not sustained by a long-term debt maturity. Finally, quantile regressions suggest that fast-growing firms are characterized by higher growth/cash-flow sensitivities and heavily rely on external debt, but seem to be less bank-backed than the rest of the sample. Overall, our findings suggest that the link between firms' investment and expansion decisions is far more complicated than postulated by standard tests of investment/cash-flow sensitivities. -- Firm growth ; Financial structure ; Cash flow ; Financial constraints ; Gibrat law ; Quantile regressions
Author : Massimo Molinari
Publisher :
ISBN 13 :
Total Pages : 29 pages
Book Rating : 4.:/5 (13 download)
Download or read book Financial Structure and Corporate Growth, Evidence From Italian Panel Data written by Massimo Molinari and published by . This book was released on 2015 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the relationships between firm financial structure and growth for a large sample of Italian firms observed from 1998 to 2003. We expand upon existing analyses testing whether liquidity constraints affect firm performance by considering among growth determinants also firm debt structure. Panel regression analyses show that more liquid firms tend to grow more. However, firms do not use their capital to expand, but rather to increase debt. We also find that firm growth is highly fragile as it is positively correlated with non financial liabilities and it is not sustained by a long term debt maturity. Finally, quantile regressions suggest that fast growing firms are characterized by higher growth cashflow sensitivities and heavily rely on external debt, but seem to be less bank backed than the rest of the sample. Overall, our findings suggest that the link between firms investment and expansion decisions is far more complicated than postulated by standard tests of investment cashflow sensitivities.
Author : Damiano Bruno Silipo
Publisher : Springer Science & Business Media
ISBN 13 : 3790821128
Total Pages : 242 pages
Book Rating : 4.7/5 (98 download)
Download or read book The Banks and the Italian Economy written by Damiano Bruno Silipo and published by Springer Science & Business Media. This book was released on 2009-04-22 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: Damiano Bruno Silipo In the 1990s the Italian banking system underwent profound normative, institutional and structural changes. The Consolidated Law on Banking (1993) and that on Finance (1998) instituted the legal framework for a far-reaching overhaul of the Italian banking and ?nancial system: signi?cant relaxation of entry barriers, the liberalization of branching, the privatization of the Italian banks, and a massive process of mergers and acquisitions. Following the Bank of Italy’s liberalization of branching in 1990, in 10 years the number of bank branches increased by 70% in Italy, while in the rest of Europe it declined. Over the decade the average number of banks doing business in a province rose from 27 to 31, while a wave of mergers (324 operations) and acquisitions (137) revolutionized the Italian banking industry, reducing the overall number of Italian banks by 30%. To a signi?cant extent this concentration represented take-overs of troubled Southern banks by Central and Northern ones. As a result of these developments (plus a rise in banking productivity and a fall in costs), the spread between short-term lending and deposit rates fell from 7 percentage points in 1990 to 4 points in 1999. And despite an increase in concentration in a number of local credit markets, the interest-rate differential between the locally dominant and other banks generally narrowed.
Author : Fabio Schiantarelli
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4./5 ( download)
Download or read book Debt Maturity and Firm Performance written by Fabio Schiantarelli and published by World Bank Publications. This book was released on 1997 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sharjil M. Haque
Publisher : International Monetary Fund
ISBN 13 : 1589064127
Total Pages : 51 pages
Book Rating : 4.5/5 (89 download)
Download or read book The COVID-19 Impact on Corporate Leverage and Financial Fragility written by Sharjil M. Haque and published by International Monetary Fund. This book was released on 2021-11-05 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity increased moderately. This de-leveraging effect is stronger for firms exposed to significant rollover risk, while firms whose businesses were most vulnerable to social distancing did not reduce leverage. We rationalize our evidence through a structural model of firm value that shows lower expected growth rate and higher volatility of cash flows following COVID-19 reduced optimal levels of corporate leverage. Model-implied optimal leverage indicates firms which did not de-lever became over-leveraged. We find default probability deteriorates most in large, over-leveraged firms and those that were stressed pre-COVID. Additional stress tests predict value of these firms will be less than one standard deviation away from default if cash flows decline by 20 percent.
Author : Sophia Chen
Publisher : International Monetary Fund
ISBN 13 : 1484380533
Total Pages : 77 pages
Book Rating : 4.4/5 (843 download)
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.
Author : International Monetary
Publisher : International Monetary Fund
ISBN 13 : 1513573004
Total Pages : 62 pages
Book Rating : 4.5/5 (135 download)
Download or read book Republic of Slovenia: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Slovenia written by International Monetary and published by International Monetary Fund. This book was released on 2021-05-25 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: The pandemic is inflicting much suffering, which has been met with swift, substantial, and well-coordinated policy responses. The anti-crisis measures have helped preserve jobs, provide liquidity to companies and income support to the vulnerable groups. They averted a larger decline in output and kept unemployment under control. After contracting by 5.5 percent in 2020, real GDP is projected to grow by 3.9 percent in 2021 and 4.5 percent in 2022, as vaccinations help achieve herd immunity. However, risks to the outlook are large and tilted to the downside, given the epidemiological situation.
