The Experts below are selected from a list of 32862 Experts worldwide ranked by ideXlab platform
Matteo P Arena - One of the best experts on this subject based on the ideXlab platform.
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the corporate choice between public Debt bank loans traditional Private Debt placements and 144a Debt issues
Review of Quantitative Finance and Accounting, 2011Co-Authors: Matteo P ArenaAbstract:The main purpose of this study is to examine the determinants of the corporate choice between different forms of Debt financing. By analyzing the most comprehensive sample of US corporate Debt issues to date, I find that firms that issue 144A Debt have significantly lower credit quality and higher information asymmetry than firms that issue traditional non-bank Private Debt. Further, the study shows that traditional Private placements, rather than bank loans, are the favorite Private Debt source for firms with good credit quality. I also show that the firm characteristics of traditional Private Debt issuers have significantly changed after 1990 through to 2003. My results suggest the following pecking order of Debt choices which is conditional on credit quality. In other words, high credit quality firms prefer public bond offerings and small firms, with good credit quality, are more likely to issue traditional Private Debt. A large group of firms characterized by moderate credit quality make extensive use of bank loans and poor credit quality firms preferentially issue 144A Debt.
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the corporate choice between public Debt bank loans traditional Private Debt placements and 144a Debt issues
Social Science Research Network, 2010Co-Authors: Matteo P ArenaAbstract:The main purpose of this study is to examine the determinants of the corporate choice between different forms of Debt financing. By analyzing the most comprehensive sample of U.S. corporate Debt issues to date, I find that firms that issue 144A Debt have significantly lower credit quality and higher information asymmetry than firms that issue traditional non-bank Private Debt. Further, the study shows that traditional Private placements, rather than bank loans, are the favorite Private Debt source for firms with good credit quality. I also show that the firm characteristics of traditional Private Debt issuers have significantly changed after 1990 through to 2003. My results suggest the following pecking order of Debt choices which is conditional on credit quality. High credit quality firms prefer public bond offerings and small firms, with good credit quality, are more likely to issue traditional Private Debt. A large group of firms characterized by moderate credit quality make extensive use of bank loans and poor credit quality firms preferentially issue 144A Debt.
Vassil T Mihov - One of the best experts on this subject based on the ideXlab platform.
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the choice among bank Debt non bank Private Debt and public Debt evidence from new corporate borrowings
Journal of Financial Economics, 2003Co-Authors: David J Denis, Vassil T MihovAbstract:Using a sample of 1,560 new Debt financings, we examine the choice among bank Debt, non-bank Private Debt, and public Debt. The primary determinant of the Debt source is the credit qualit y of the issuer. Firms with the highest credit quality borrow from public sources, firms with medium credit quality borrow from banks, and firms with the lowest credit quality borrow from non-bank Private lenders. Non-bank Private Debt thus plays a unique role in accommodating the financing needs of firms with low credit quality. In addition, the choice of Debt source is (weakly) influenced by managerial discretion.
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the choice between bank Debt non bank Private Debt and public Debt evidence from new corporate borrowings
Social Science Research Network, 2002Co-Authors: Vassil T Mihov, David J DenisAbstract:Using a sample of 1,560 new Debt financings, we examine the choice among bank Debt, non-bank Private Debt, and public Debt. The primary determinant of the Debt source is the credit qualit y of the issuer. Firms with the highest credit quality borrow from public sources, firms with medium credit quality borrow from banks, and firms with the lowest credit quality borrow from non-bank Private lenders. Non-bank Private Debt thus plays a unique role in accommodating the financing needs of firms with low credit quality. In addition, the choice of Debt source is (weakly) influenced by managerial discretion.
David J Denis - One of the best experts on this subject based on the ideXlab platform.
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the choice among bank Debt non bank Private Debt and public Debt evidence from new corporate borrowings
Journal of Financial Economics, 2003Co-Authors: David J Denis, Vassil T MihovAbstract:Using a sample of 1,560 new Debt financings, we examine the choice among bank Debt, non-bank Private Debt, and public Debt. The primary determinant of the Debt source is the credit qualit y of the issuer. Firms with the highest credit quality borrow from public sources, firms with medium credit quality borrow from banks, and firms with the lowest credit quality borrow from non-bank Private lenders. Non-bank Private Debt thus plays a unique role in accommodating the financing needs of firms with low credit quality. In addition, the choice of Debt source is (weakly) influenced by managerial discretion.
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the choice between bank Debt non bank Private Debt and public Debt evidence from new corporate borrowings
Social Science Research Network, 2002Co-Authors: Vassil T Mihov, David J DenisAbstract:Using a sample of 1,560 new Debt financings, we examine the choice among bank Debt, non-bank Private Debt, and public Debt. The primary determinant of the Debt source is the credit qualit y of the issuer. Firms with the highest credit quality borrow from public sources, firms with medium credit quality borrow from banks, and firms with the lowest credit quality borrow from non-bank Private lenders. Non-bank Private Debt thus plays a unique role in accommodating the financing needs of firms with low credit quality. In addition, the choice of Debt source is (weakly) influenced by managerial discretion.
Johanna L Francis - One of the best experts on this subject based on the ideXlab platform.
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the cost of Private Debt over the credit cycle
Journal of International Money and Finance, 2014Co-Authors: Johanna L Francis, Dilek Aykut, Eugen TereanuAbstract:We identify global and regional fluctuations in international Private Debt flows to emerging and developing countries using data on cross-border loans and international bond issuance over 1993–2009. We use micro-level data on syndicated cross-border loans and international bond placements to estimate the effects of individual borrower characteristics as well as macroeconomic conditions on the cost of foreign borrowing and test whether these effects differ across phases of the lending cycle. First, we find that borrower characteristics associated with lower loan spreads are not necessarily associated with lower bond spreads. Second, we find differential effects of borrower characteristics between cycle phases for loans and bonds separately. Third, we find strong reductions in the cost of Debt finance during periods when international Debt flows are more than one standard deviation above their mean, but not for expansionary periods, when the growth rate of Debt flows is increasing. We also find that higher trade ratios in the borrower's home country raise loan spreads more in periods of high credit flows but have no effect on bond spreads. At the same time, borrowers residing in countries with high investment ratios pay lower spreads on bond issuance particularly during periods of high credit flows, but we find no similar effect for loan spreads. Inflation rates, real exchange rates and previous banking crises have small impacts on loan and bond spreads.
Florent Mc Isaac - One of the best experts on this subject based on the ideXlab platform.
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coping with collapse a stock flow consistent monetary macrodynamics of global warming
Ecological Economics, 2018Co-Authors: Emmanuel Bovari, Gael Giraud, Florent Mc IsaacAbstract:This paper presents a macroeconomic model that combines the economic impact of climate change with the pivotal role of Private Debt. Using a Stock-Flow Consistent approach based on the Lotka–Volterra logic, we couple its nonlinear monetary dynamics of underemployment and income distribution with abatement costs. A calibration of our model at the scale of the world economy enables us to simulate various planetary scenarios. Our findings are threefold: 1) the +2 °C target is already out of reach, absent negative emissions; 2) the long-term (resp. short-term) results of climate change on economic fundamentals may lead to severe economic consequences without the implementation (resp. in case of too rapid an application) of proactive climate policies. Global warming (resp. too fast transition) forces the Private sector to leverage in order to compensate for output and capital losses (resp. to lower carbon emissions), thus endangering financial stability; 3) Implementing an adequate carbon price trajectory, as well as increasing the wage share, fostering employment, and reducing Private Debt make it easier to avoid unintended degrowth and to reach a +2.5 °C target.
