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Corporate credit and leverage in the EU: Recent evolution, main drivers and financial stability implications

Beck, Thorsten; Peltonen, Tuomo; Perotti, Enrico C.; … - 2023

documents a growing role of non-bank financial intermediaries in the provision of credit to NFCs. After exploring supply and … reallocation of credit to other sectors or assets. This could generate greater systemic risk through unsustainable valuations or …

Persistent link: https://www.econbiz.de/10014327946

The rat race of capital structure research for REITs and REOCs: Two spotlights on leverage

Hohenstatt, Ralf; Steininger, Bertram - 2011

credit (LOC) and cash are considered in the light of financial flexibility. The major findings obtained by observing US REITs …

Persistent link: https://www.econbiz.de/10010307836

Financing of technology-intensive small businesses: Some evidence on the uniqueness of the ICT industry

Hyytinen, Ari; Pajarinen, Mika - 2002

Using recently collected data on Finnish small businesses, we provide evidence that the debt capacity of growth options, defined as the amount of debt that firms optimally raise for an incremental project, is negative, especially in the information and communications technology (ICT) sector. We...

Persistent link: https://www.econbiz.de/10010284897

Small business finance in Finland: A descriptive study

Hyytinen, Ari; Pajarinen, Mika - 2002

principal owner’s equity, trade credit provided by non-financial firms and debt provided by financial institutions (FIs). These …

Persistent link: https://www.econbiz.de/10010285020

Determinants of corporate financing decisions: A survey evidence from Czech firms

Jindřichovská, Irena; Körner, Pavel - 2008

managers perceive particular instruments of internal and external financing. We find, that firms follow pecking order theory … for working capital financing, however the arguments for pecking order theory in investment financing are not that strong …

Persistent link: https://www.econbiz.de/10010322315

Corporate debt, hybrid securities and the effective tax rate

Panteghini, Paolo M. - 2008

In this article we use contingent-claim analysis to calculate the effective tax rate (ETR) under corporate debt finance. In particular, we deal with both pure debt and two of the most well-known hybrid securities, i.e., convertible, and reverse convertible bonds. We show that: 1) effective...

Persistent link: https://www.econbiz.de/10010276143

Disagreement and Flexibility: A Theory of Optimal Security Issuance and Capital Structure

Boot, Arnoud W.A.; Thakor, Anjan V. - 2003

ofthis theory of capital structure evolution is that optimal capital structure is essentiallydynamic, and depends on the firm …’s stock price, implying that firms issue equity when stockprices are high and debt when stock prices are low. The theory … testablepredictions. Moreover, the theory can rationalize the use of debt in the absence of taxes,agency costs or signaling considerations. …

Persistent link: https://www.econbiz.de/10010324789

Corporate Debt Structure and the Financial Crisis

De Fiore, Fiorella; Uhlig, Harald - 2015

We present a DSGE model where firms optimally choose among alternative instruments of external finance. The model is used to explain the evolving composition of corporate debt during the financial crisis of 2008-09, namely the observed shift from bank finance to bond finance, at a time when the...

Persistent link: https://www.econbiz.de/10011605804

Leasing by small enterprises

Neuberger, Doris; Räthke-Döppner, Solvig - 2012

Using internal data of a leasing company in Germany, we examine the determinants of the probability and use of leasing by small firms. We find that small and young firms are likely to be constrained on the leasing market but use leasing to increase their debt capacity. Beyond contract- and...

Persistent link: https://www.econbiz.de/10010319296

Corporate debt maturity choice in transition financial markets

Stephan, Andreas; Talavera, Oleksandr; Tsapin, Andriy - 2008

This paper investigates the determinants of liability maturity choice in transition markets. We formulate a model of firm value maximization that describes managers' choice of optimal debt structure. The theoretical predictions are tested using a unique panel of 4,300 Ukrainian firms during the...

Persistent link: https://www.econbiz.de/10010265007