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Bank Loans as a Financial Discipline: A Direct Agency Cost of Equity Perspective

Hijazi, Bassem - 2006

In a 2004 study, Harvey, Lin and Roper argue that debt makers with a commitment to monitoring can create value for outside shareholders whenever information asymmetry and agency costs are pronounced. I investigate Harvey, Lin and Roper's claim for bank loans by empirically testing the effect of...

Persistent link: https://www.econbiz.de/10009475079

The role of bank loans and deposits in the monetary transmission mechanism in Malaysia

Kassim, Salina; Majid, M. Shabri A. - 2009

This study attempts to determine the importance of the banking sector in the monetary transmission process in a developing economy. The study analyzes the Malaysian data focusing on three sample periods: the entire sample period (1989:01-2006:12); the pre-crisis period (1989:01-1996:12); and the...

Persistent link: https://www.econbiz.de/10009441819

Information, Credit Risk, Lender Specialization and Loan Pricing: Evidence from the DIP Financing Market

Daniels, Kenneth; Ramirez, Gabriel G - 2008

We provide an empirical support for theories of lender specialization using the recently developed market for Debtor-in-Possession (DIP) financing. The legal environment in which DIP financing operates represents a natural laboratory for testing determinants of lending specialization (e.g....

Persistent link: https://www.econbiz.de/10009459020

The Corporate Choice between Public Debt, Bank Loans, Traditional Private Debt Placements, and 144A Debt Issues

Arena, Matteo - 2010

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...

Persistent link: https://www.econbiz.de/10009484536

The China syndrome affects banks : the credit supply channel of foreign import competition

Mayordomo Gómez, Sergio; Rachedi, Omar - 2019

Este artículo estudia el efecto del aumento en la competencia de las importaciones chinas a principios de la década de los 2000 en las políticas de oferta de crédito de los bancos españoles. El uso de información a nivel banco-empresa del universo de préstamos concedidos a empresas no...

Persistent link: https://www.econbiz.de/10012532211

Recent economic performance of Spanish SMEs and developments in their access to external financing according to the European Central Bank's half-yearly Survey

Menéndez, Álvaro; Mulino, Maristela

Artículo de revista ; The latest SAFE results show that the activity of Spanish SMEs continued to grow in the period from October 2021 to March 2022, albeit at a slower pace than six months earlier. The rise in costs prompted a deterioration in profits for most of these firms. Access to...

Persistent link: https://www.econbiz.de/10013284801

Recent economic performance of Spanish SMEs and developments in their access to external financing according to the ECB’s half-yearly survey

Menéndez Pujadas, Álvaro; Mulino Ríos, Maristela A.

Rationale: In recent years the Spanish business sector has experienced unprecedented shocks: the onset of the pandemic, supply chain bottlenecks and escalating commodity prices. In this setting, it is important to assess the sector’s economic and financial situation. Takeaways •Between April...

Persistent link: https://www.econbiz.de/10013494487

The Determinants of Recovery Rates on Defaulted Corporate Securities: Why do Fallen Angels recover more than Original High Yield Issues?

Adler, Carolyn - 2007

knowledge, has investigated the reasons why higher rated securities recover more than lower rated securities in the event of … default. Specifically, this paper will empirically investigate why securities originally rated investment grade, fallen angels …, recover more than securities originally rated high yield in the event of default. …

Persistent link: https://www.econbiz.de/10009474969

The causes of Japan's financial crisis

Patrick, Hugh; Ito, Takatoshi - 1999

securities companies were the world’s largest; and its life and casualty insurance companies were likewise huge. Banks had ample … collapsed, as has one of the Big Four securities companies, and a mid-sized life insurance company. This is not only … Japanese banking industry, although the analysis applies in many respects to the securities and insurance industries as well …

Persistent link: https://www.econbiz.de/10009451446

Asset securitization by non-financial firms [electronic resource] : motivation and market valuation

Huang, Qianyun. - 2011

This dissertation examines several research questions relating to securitization by non-financial firms. Finance theories suggest securitization is most beneficial when there is high demand for liquidity. On the other hand, empirical studies have shown that firms engage in securitization to...

Persistent link: https://www.econbiz.de/10009431423