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Essays On Debt Financing
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Book Synopsis Essays on Debt Financing by : Thu V. Vo
Download or read book Essays on Debt Financing written by Thu V. Vo and published by . This book was released on 2014 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This dissertation contains two essays on debt financing. In my first essay, I provide empirical evidence on the information content of loan spreads. By studying the portion of loan spreads that cannot be explained using public information on borrower, loan, and lender characteristics, I find that spreads contain information about the future performance of borrowers. In particular, following loan initiation, borrowers with higher unexpected spreads tend to have lower future operating efficiency, fewer investment opportunities, negative unexpected earnings and negative buy and hold abnormal returns. They are also more likely to experience credit rating downgrades, to be delisted due to poor performance and to enter bankruptcy. The results also indicate that loan spreads only contain information about short-run rather than long-run borrower performance. Finally, unlike what is suggested in the literature about the special role of banks as information processors, I find that banks seem no better than other types of financial institutions at processing and producing information. My findings do not appear to be driven by omitted variable bias. In the second essay (joint work with Ivan Ivanov and Joao A.C. Santos), we investigate how the introduction of market-based pricing - the practice of tying loan interest rate spreads to credit default swaps - has affected the cost of bank debt. Our results indicate that market-based pricing has reduced the cost of bank loans. Borrowers with CDS-based loans have benefited from a decline in interest rate spreads both at the time of loan origination and during the life of the loan. We find that banks simplify the covenant structure of market-based pricing loans and that market-based pricing lines of credit are associated with lower fees than standard revolvers. These findings suggest that the decline in the cost of bank debt is explained, at least in part, by a reduction in monitoring costs. Overall, market-based pricing leads to a reduction in the cost of bank debt, but it may also have some adverse effects resulting from its negative impact on banks' monitoring efforts"--Pages iv-v.
Book Synopsis Public Debts by : Henry Carter Adams
Download or read book Public Debts written by Henry Carter Adams and published by . This book was released on 1887 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Debt Financing and Financial Distress by : Ivan T. Ivanov
Download or read book Essays on Debt Financing and Financial Distress written by Ivan T. Ivanov and published by . This book was released on 2012 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: "In my first essay I investigate the role of pricing contingencies (performance pricing) in bank loan renegotiation. My results suggest that the primary role of performance pricing in bank debt contracts is to delay costly renegotiation. This effect is concentrated in long-term loans, indicating that the renegotiation reduction benefits of pricing grids are larger for long maturities. For instance, a five-year loan with a pricing grid is refinanced for pricing-related reasons on average a year later than a similar loan without such a provision. Since the average time to renegotiation of a five-year loan is roughly 2.5 years, performance pricing allows for substantial savings in contracting costs for non-opaque borrowers. My results also suggest that performance pricing reduces the probability of spread-decreasing outcomes, while having no effect on other types of renegotiation. Thus, pricing grids are most valuable in delaying re-contracting when the credit quality of the borrower improves. In my second essay (joint work with Matt Gustafson and John Ritter), we provide empirical evidence on the peculiar dynamics by which firms in the airline industry perform aggregate price adjustments and argue why these fare hikes represent tacit collusion. After using weather instruments to account for endogeneity in our capacity measures, we find that negative changes (and low levels of) both short-term liquidity and idle capacity lead to increases in the probability of collusive actions. In addition, we find that these effects are complementary such that liquidity constraints cause firms to hike only when idle capacity is low, but have the opposite effect when idle capacity is high. In my third essay I use a unique data set of quarterly credit line use to show that credit commitments are used as bridge financing for investment because maintaining sufficient financial flexibility is a first-order consideration for firms' investment policy. The majority of sample firms repay large drawdowns made for investment purposes within three to four quarters, mostly with permanent capital such as bonds or equity. At the refinancing point these firms have approximately 40% of credit lines available for future use, pointing to the large economic significance of maintaining sufficient financial flexibility. I further find that the speed of credit line repayment is positively associated with future acquisitions. The positive and significant association between future acquisitions and the repayment hazard suggests that firms create available capacity under their credit lines to do additional acquisitions in subsequent quarters. Overall, these findings provide a partial explanation for the puzzling result in Graham and Harvey (2001) that the most important determinant of debt policy is maintaining financial flexibility"--Leaves v-vi.
Book Synopsis Public Debts by : Henry Carter Adams
Download or read book Public Debts written by Henry Carter Adams and published by . This book was released on 1887 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Short Term Debt Financing by : Nandkumar Nayar
Download or read book Three Essays on Short Term Debt Financing written by Nandkumar Nayar and published by . This book was released on 1988 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Public Debts; an Essay in the Science of Finance by : Henry Carter Adams
Download or read book Public Debts; an Essay in the Science of Finance written by Henry Carter Adams and published by Theclassics.Us. This book was released on 2013-09 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1887 edition. Excerpt: ...We were also led to approve the principle underlying the law for the resumption of specie payments, by which the United States came back to a sound monetary basis. CHAPTER IV. PEACE MANAGEMENT OF A PUBLIC DEBT. Theee can be no controversy respecting the pxirpose that should control the management of a public debt in time of peace. The payments entailed are a continuous drain upon the productive resources of the people, and it consequently becomes the duty of the financier to lighten by every honest means the burdens thus imposed. Under the guidance of such a purpose, we are led to recognize three ideas which may properly direct the peace policy of any government. 1. The evils of a debt may be mitigated if public obligations are made to perform some useful service. 2. The burden of a debt may be lightened by reducing the rate of interest paid. 3. The burden of a debt may be extinguished by repayment of the capital borrowed. Three distinct problems are thus introduced; the first pertains to the profitable use of the debt, the second to the conversion of the debt, and the third to the payment of the debt. The last of these is of sufficient importance to claim for itself a separate chapter, the others will be taken into immediate consideration. Profitable Use of Public Debts. A public debt comes to be of general convenience when of such form and character as to serve the purpose of investments, or as the basis of contracts. It should then be the first object of the financier to so, fashion the public contracts under which a debt is held as to meet the demands of commercial transactions. It does not seem necessary to enumerate and classify the various investors in public bonds whose needs should be consulted. Such a classification would...
Author :Klaus Hammes Publisher :Department of Economics School of Economics and Commercial Law Go ISBN 13 : Total Pages :188 pages Book Rating :4.3/5 (91 download)
Book Synopsis Essays on Capital Structure and Trade Financing by : Klaus Hammes
Download or read book Essays on Capital Structure and Trade Financing written by Klaus Hammes and published by Department of Economics School of Economics and Commercial Law Go. This book was released on 2003 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Politics of Debt by : Sjoerd van Tuinen
Download or read book The Politics of Debt written by Sjoerd van Tuinen and published by John Hunt Publishing. This book was released on 2020-01-31 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Politics of Debt brings together philosophers, political scientists, and economists and sets them the task of reflecting on the political role played by debt. Focusing on the aftermath of the 2008 economic crisis, particularly in the United States and Europe, the book is split into groups. It contains six essays and five interviews that aim to fully comprehend the political consequences of the economic crisis and specifically of debt.
Book Synopsis Three Essays on Corporate Debt Financing by : Mahsa Somayeh Kaviani
Download or read book Three Essays on Corporate Debt Financing written by Mahsa Somayeh Kaviani and published by . This book was released on 2016 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the first of three essays, we study the relationship between corporate debt structures and the strength of creditor rights. Firms use a more concentrated debt-type structure as a reaction mechanism to stronger creditor rights. We show that managers form more concentrated debt structures in response to stronger creditor rights in order to first, reduce bankruptcy costs and second, to provide more monitoring incentives for creditors. Across 46 countries, we document that firms have more concentrated debt-type structures in countries with stronger creditor rights. Based on an examination of the cross-sectional heterogeneity of firms to different creditor rights regimes, we confirm our two proposed mechanisms. This study extends the literature of debt structure to an international setting and is the first to document the effect of cross-country legal and institutional determinants on the choice of debt structures. In the second essay, we investigate how uncertainty about economic policies influence corporate credit spreads. We find a large and positive association between corporate credit spreads and a news-based index of policy uncertainty. We document that a one standard deviation increase in policy uncertainty results in 25 basis points increase in the credit spreads of corporate bonds controlling for bond, firm and macro-economic variables. We find that the influence of policy uncertainty on corporate credit spreads differs across firms and is more pronounced for firms with higher investment irreversibility and dependence on government spending. We also document a larger impact of policy uncertainty during economic recessions. Our results show that not only firm-level default probabilities, but also bond-CDS bases increase in response to elevated policy uncertainty. The third and final essay empirically measures the financial and economic costs (benefits) to firm value associated with deteriorations or improvements in the firm’s credit quality. We document that firms incur economically large and statistically significant costs to their values following credit-rating deteriorations. Consistent with an asymmetric effect, we find significant but smaller firm-value benefits associated with credit-rating upgrades. The financial costs to a firm’s market value associated with each notch downgrade to the investment and speculative grade categories are 7.1% and 14.8%, respectively, and these costs are generally larger than the economic costs to the firm value from credit rating downgrades. Using a continuous KMV distance to default model, we conclude that deteriorations (improvements) in a model-generated credit rating quality can also adversely (positively) affect firm value. Our findings have implications for corporate financing and leverage decisions, and for the unresolved underleverage puzzle (Graham, 2001).
Book Synopsis Three Essays on Exchangeable Debt Financing by : Anna Nathan Danielova
Download or read book Three Essays on Exchangeable Debt Financing written by Anna Nathan Danielova and published by . This book was released on 2004 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis PUBLIC DEBTS AN ESSAY IN THE S by : Henry Carter 1851-1921 Adams
Download or read book PUBLIC DEBTS AN ESSAY IN THE S written by Henry Carter 1851-1921 Adams and published by . This book was released on 2016-08-28 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three essays on corporate investments and debt financing by : Nam Hoang Nguyen
Download or read book Three essays on corporate investments and debt financing written by Nam Hoang Nguyen and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Public Debts: An Essay in the Science of Finance (Classic Reprint) by : Henry Carter Adams
Download or read book Public Debts: An Essay in the Science of Finance (Classic Reprint) written by Henry Carter Adams and published by Forgotten Books. This book was released on 2018-03 with total page 426 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Public Debts: An Essay in the Science of Finance Tm: civilised governments of the present day are resting under a burden of indebtedness computed at This sum, which does not include local obligations of any sort, constitutes a mortgage of $798 upon each square mile of territory over which the burdened governments extend their jurisdiction, and shows a per capita indebtedness of $23 upon their subjects. The total amount of national obli gations is equal to seven times the aggregate annual revenue of the indebted states. At the liberal estimate of per day, the payment of accruing interest, cornputed at 5 per ant, would demand the continuous labor of three millions of men. Should the people of the United States contract to pay the principal of the world's debt, their engagement would call for the appropriation of a sum equal to the total gross product of their industry for three years; or, if annual profits alone were devoted to this purpose, they would be enslaved by their contract for the greater part of a genera tion. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Book Synopsis Essays on Corporate Debt Financing Decisions by : Manar Elgazzar
Download or read book Essays on Corporate Debt Financing Decisions written by Manar Elgazzar and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis PUBLIC DEBTS AN ESSAY IN THE S by : Henry Carter 1851-1921 Adams
Download or read book PUBLIC DEBTS AN ESSAY IN THE S written by Henry Carter 1851-1921 Adams and published by Wentworth Press. This book was released on 2016-08-26 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Book Synopsis Three Essays on the Corporate Debt Choice by : Matteo P. Arena
Download or read book Three Essays on the Corporate Debt Choice written by Matteo P. Arena and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation examines the determinants of the corporate debt choice between different forms of debt financing and different countries. By examining the most extensive sample of U.S. debt issues to date, Essay 1 shows that firms that issue 144A debt are significantly different from firms that privately place non-bank debt without using the 144A rule. I also find that traditional private placements rather than bank loans are the favorite debt source for firms with good credit quality that cannot access the public market because of flotation costs and information asymmetry. Essay 2 examines how governance provisions that affect the cost of debt are related to the corporate debt choice. I find that firms with fewer takeover defenses and larger blockholder ownership are more likely to issue private debt. This result is consistent with the hypothesis that private debt claimants can reduce the expected negative impact of takeovers on debtholder value by enforcing stricter covenants or by renegotiating debt in case of takeover. Essay 3 examines the external debt financing choices of multinational firms by using a unique international dataset of firm-level debt offerings. I show that tax-based incentives, country-specific investor preferences, and difference in legal regimes across countries influence multinational firms in their debt location choice.
Book Synopsis Essays on Optimal Marketing Strategies Under Debt Financing by :
Download or read book Essays on Optimal Marketing Strategies Under Debt Financing written by and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
