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Credit line use and availability in the financial crisis : the importance of hedging

Berróspide, José M.; Meisenzahl, Ralf R.; Sullivan, … - 2012

Persistent link: https://www.econbiz.de/10009570159

Corporate investment, debt and liquidity choices in the light of financial constraints and hedging needs

Bannier, Christina E.; Schürg, Carolin Victoria - 2015

sensitivities are particularly intense for unconstrained firms with high hedging needs. Investment opportunities (as proxied by Q …), however, play a larger role for constrained firms with the effects being strongest in case of low hedging needs. Interestingly …, constrained firms with low hedging needs are found to employ more debt to finance their investment opportunities and build up …

Persistent link: https://www.econbiz.de/10011306337

Do Banks Hedge Using Interest Rate Swaps?

McPhail, Lihong Lu; Schnabl, Philipp; Tuckman, Bruce - 2023

. Therefore, as a description of prevailing practice, we conclude that swap positions are not economically significant in hedging …

Persistent link: https://www.econbiz.de/10014355076

Market timing, maturity mismatch, and risk management : evidence from the banking industry

Ruprecht, Benedikt; Entrop, Oliver; Kick, Thomas; … - 2013

compliance with the interest rate risk regulation. Although hedging motives dominate, we find selective hedging behavior in swap …

Persistent link: https://www.econbiz.de/10010248947

Market timing, maturity mismatch, and risk management : evidence from the banking industry ; conference paper

Ruprecht, Benedikt; Entrop, Oliver; Kick, Thomas; … - 2013

the interest rate risk regulation. Although hedging motives dominate, we find selective hedging behavior in swap use …

Persistent link: https://www.econbiz.de/10010343773

Do Banks Hedge Using Interest Rate Swaps?

McPhail, Lihong Lu; Schnabl, Philipp; Tuckman, Bruce - National Bureau of Economic Research - 2023

, we conclude that swap positions are not economically significant in hedging the interest rate risk of bank assets …

Persistent link: https://www.econbiz.de/10014250183

Contingent Credit Under Stress

Acharya, Viral V.; Jager, Maximilian; Steffen, Sascha - National Bureau of Economic Research - 2023

Over the past two decades, banks have increasingly focused on offering contingent credit in the form of credit lines as a primary means of corporate borrowing. We review the existing body of research regarding the rationales for banks' provision of liquidity insurance in the form of credit...

Persistent link: https://www.econbiz.de/10014437040

Liquidity and Corporate Debt Market Timing

Balboa, Marina - 2014

This paper investigates whether firm managers time debt issuances according to market liquidity conditions. Using transactions data in the U.S. market from July 2002 to December 2009, our results show that both the moment and volume of debt issuance are significantly associated with periods of...

Persistent link: https://www.econbiz.de/10013053434

Transient Institutional Ownership, Costly External Finance, and Corporate Cash Holdings

Im, Hyun Joong - 2020

We investigate how transient institutional ownership influences the level and value of cash holdings. We show that transient institutional ownership has a positive effect on cash holdings, and this linkage is more pronounced when stock and credit market conditions are less favorable. Using a...

Persistent link: https://www.econbiz.de/10012844766

The Role of Cash Holdings in Reducing Investment-Cash Flow Sensitivity : Evidence from a Financial Crisis Period in an Emerging Market

Florackis, Chris - 2011

unconstrained firms. Also, there is strong evidence that cash stands as a serious hedging device for firms mainly during the crisis …

Persistent link: https://www.econbiz.de/10013123962