Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
The Maturity Structure Of Bank Credit
Download The Maturity Structure Of Bank Credit full books in PDF, epub, and Kindle. Read online The Maturity Structure Of Bank Credit ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis The Maturity Structure of Bank Credit by : Neven T. Valev
Download or read book The Maturity Structure of Bank Credit written by Neven T. Valev and published by . This book was released on 2008 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate a new data set on the maturity of bank credit to the private sector in 74 countries. We show that credit maturity is longer in countries with strong institutions, low inflation, large financial markets, and where banks share information about borrowers. Furthermore, we extend the finance and growth literature by showing that credit maturity matters for economic growth. Economic growth is enhanced in countries where agents have access to long-term financing. Therefore, weak institutions, high inflation and other variables that reduce credit maturity have an impact on economic growth via their influence on credit maturity. The estimated effects are substantial in size.
Book Synopsis The Maturity Structure of Debt by : Fabio Schiantarelli
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:
Book Synopsis International Convergence of Capital Measurement and Capital Standards by :
Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Debt Maturity and the Use of Short-Term Debt by : Sophia Chen
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.
Book Synopsis Banks’ Maturity Transformation: Risk, Reward, and Policy by : Pierluigi Bologna
Download or read book Banks’ Maturity Transformation: Risk, Reward, and Policy written by Pierluigi Bologna and published by International Monetary Fund. This book was released on 2018-03-09 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this paper is twofold: first, to study the determinants of banks’ net interest margin with a particular focus on the role of maturity transformation, using a new measure of maturity mismatch; second, to analyse the implications for banks from the relaxation of a binding prudential limit on maturity mismatch, in place in Italy until mid-2000s. The results show that maturity transformation is a relevant driver of the net interest margin, as higher maturity transformation is typically associated with higher net interest margin. However, ‘excessive’ maturity transformation— even without leading to systemic vulnerabilities— increases banks’ interest rate risk exposure and lowers their net interest margin.
Book Synopsis Credit Information Quality and Corporate Debt Maturity by : Marco Sorge
Download or read book Credit Information Quality and Corporate Debt Maturity written by Marco Sorge and published by World Bank Publications. This book was released on 2007 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides new theoretical and empirical evidence suggesting that the quality of credit information may be a key element in explaining the maturity structure of corporate debt around the world. In markets with poor credit information and hence a high degree of uncertainty about borrower quality, the authors find suboptimal equilibria in which short-term contracts are preferred either as a hedge against uncertainty to limit losses in bad states (in the symmetric information case) or as a screening device to learn about borrower credit quality in the course of a repeated lending relationship (in the asymmetric information case). The results of the model are supported by the econometric analysis of panel data from both industrial and developing economies. The authors find that countries with better quality of credit information (for example, as a result of improvements in credit reporting systems or accounting standards) are characterized by a higher share of long-term debt as a proportion of total corporate debt ceteris paribus. The findings suggest that promoting institutions and policies to improve the quality of credit information is an important prerequisite for increasing access of firms to long-term finance.
Book Synopsis The Maturity Structure of Debt: Determinants and Effects on Firms' Performance: Evidence from the United Kingdom and Italy by : Fabio Schiantarelli
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).
Book Synopsis Role of Debt Maturity Structure on Firm Fixed Assets During Sudden Stop Episodes: Evidence from Thailand by : Hanan Morsy
Download or read book Role of Debt Maturity Structure on Firm Fixed Assets During Sudden Stop Episodes: Evidence from Thailand written by Hanan Morsy and published by International Monetary Fund. This book was released on 2007 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the detrimental effect of sudden stops on the growth of Thai firms' fixed assets. We focus on the fixed assets adjustment that firms undertake at times of financial constraints. We derive our results from balance sheet data for 284 nonfinancial Thai listed firms. Our data demonstrate that Thai firms faced severe declines in the growth of their fixed assets starting in 1996. Regression results demonstrate, after controlling for firms' characteristics and lagged dependent variables, that holding longer-term debt maturity structure is the factor that works in the firms' favor during sudden stop episodes, while it is their profitability that matters during tranquil periods.
Download or read book Loan Portfolio Management written by and published by . This book was released on 1988 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Maturity Distribution of International Bank Lending by :
Download or read book The Maturity Distribution of International Bank Lending written by and published by . This book was released on 1984 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Theory of Credit Rationing and the Maturity Structure of Debt by : Steven A. Sharpe
Download or read book A Theory of Credit Rationing and the Maturity Structure of Debt written by Steven A. Sharpe and published by . This book was released on 1988 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Debt Maturity, Risk, and Asymmetric Information by : Marco Espinosa-Vega
Download or read book Debt Maturity, Risk, and Asymmetric Information written by Marco Espinosa-Vega and published by INTERNATIONAL MONETARY FUND. This book was released on 2005-10-01 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: We test the implications of Flannery's (1986) and Diamond's (1991) models concerning the effects of risk and asymmetric information in determining debt maturity, and we examine the overall importance of informational asymmetries in debt maturity choices. We employ data on over 6,000 commercial loans from 53 large U.S. banks. Our results for low-risk firms are consistent with the predictions of both theoretical models, but our findings for high-risk firms conflict with the predictions of Diamond's model and with much of the empirical literature. Our findings also suggest a strong quantitative role for asymmetric information in explaining debt maturity.
Book Synopsis Credit Information Quality and Corporate Debt Maturity by : Marco Sorge
Download or read book Credit Information Quality and Corporate Debt Maturity written by Marco Sorge and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides new theoretical and empirical evidence suggesting that the quality of credit information may be a key element in explaining the maturity structure of corporate debt around the world. In markets with poor credit information and hence a high degree of uncertainty about borrower quality, the authors find suboptimal equilibria in which short-term contracts are preferred either as a hedge against uncertainty to limit losses in bad states (in the symmetric information case) or as a screening device to learn about borrower credit quality in the course of a repeated lending relationship (in the asymmetric information case). The results of the model are supported by the econometric analysis of panel data from both industrial and developing economies. The authors find that countries with better quality of credit information (for example, as a result of improvements in credit reporting systems or accounting standards) are characterized by a higher share of long-term debt as a proportion of total corporate debt ceteris paribus. The findings suggest that promoting institutions and policies to improve the quality of credit information is an important prerequisite for increasing access of firms to long-term finance.
Book Synopsis Seniority and Maturity Structure of Bank Loans and Publicly Traded Debt by : Douglas Warren Diamond
Download or read book Seniority and Maturity Structure of Bank Loans and Publicly Traded Debt written by Douglas Warren Diamond and published by . This book was released on 1990 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Maturity Structure of Debt by : Schiantarelli
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:
Book Synopsis Rollover Risk in Commercial Paper Markets and Firms' Debt Maturity Choice by : Felix Thierfelder
Download or read book Rollover Risk in Commercial Paper Markets and Firms' Debt Maturity Choice written by Felix Thierfelder and published by . This book was released on 2016 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: By using short-term direct finance firms of the highest credit quality expose themselves to rollover risk in the public debt markets. Firms insure themselves against this risk by securing backup lines of credit from banks that they may use should market liquidity dry up. In a first step, this paper explains why high quality firms introduce a maturity mismatch into their balance sheets and do not simply use long-term direct finance. It also highlights why banks may be willing to roll over a firm's debt while direct investors may not. In a second step, I extend the model to allow for different levels of firm's publicly observable credit quality. Under plausible assumptions about the cost of bank borrowing the model generates a maturity structure choice broadly consistent with observed financing patterns: Low quality firms issue short-term direct debt, medium quality firms issue long-term direct debt, and high quality firms use short-term direct debt in normal times and bank debt in adverse times. The paper suggests that better publicly available information about firm quality and the moderation of the business cycle over the past decade help to explain the decrease in nonfinancial commercial paper outstanding since the beginning of the decade.Kapitalmarktfähige Unternehmen können sich nur dann durch die Ausgabe von kurzfristigen Geldmarktpapieren (Commercial Paper - CP) refinanzieren, wenn sie eine vernachlässigbare Ausfallwahrscheinlichkeit aufweisen. Gleichwohl ist es diesen Firmen bisweilen nicht m ̈oglich, eine Anschlussfinanzierung vorzunehmen. In solchen Situationen können CP-Emittenten auf Kreditlinien ausweichen, sofern sie diese zuvor mit Banken vereinbart haben und sich ihre Kreditqualität bei Inanspruchnahme der Kreditlinie nicht verschlechtert hat. In dem vorliegenden Papier werden zunächst zwei Fragenkomplexe näher untersucht. Erstens, warum bekommen Firmen von höchster Kreditqualität zu bestimmten Zeiten keinen Kredit, obwohl ihre tatsächliche Ausfallwahrscheinlichkeit nahe null liegt? Zweitens, warum wählen diese Firmen eine Finanzierungsform, bei der sie sich in guten Zeiten über die Ausgabe von Geldmarktpapieren finanzieren und in schlechten Zeiten einen Bankkredit in Anspruch nehmen? Warum nehmen sie eine Inkongruenz der Laufzeiten zwischen Aktiv- und Passivseite in Kauf, anstatt lang laufende Anleihen zu emittieren und sich somit keinem Refinanzierungsrisiko auszusetzen?
Book Synopsis Credit Information Quality and Corporate Debt Maturity by : Marco Sorge
Download or read book Credit Information Quality and Corporate Debt Maturity written by Marco Sorge and published by . This book was released on 2016 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides new theoretical and empirical evidence suggesting that the quality of credit information may be a key element in explaining the maturity structure of corporate debt around the world. In markets with poor credit information and hence a high degree of uncertainty about borrower quality, the authors find suboptimal equilibria in which short-term contracts are preferred either as a hedge against uncertainty to limit losses in bad states (in the symmetric information case) or as a screening device to learn about borrower credit quality in the course of a repeated lending relationship (in the asymmetric information case). The results of the model are supported by the econometric analysis of panel data from both industrial and developing economies. The authors find that countries with better quality of credit information (for example, as a result of improvements in credit reporting systems or accounting standards) are characterized by a higher share of long-term debt as a proportion of total corporate debt ceteris paribus. The findings suggest that promoting institutions and policies to improve the quality of credit information is an important prerequisite for increasing access of firms to long-term finance.
