Purpose - This paper takes the Shanghai-Shenzhen-Hong Kong Stock Connect as a quasi-natural experiment and investigates the impact of capital market liberalization on the corporate debt maturity structure. It also aims to provide some policy implications for corporate debt financing and further...

This study investigates the impact of Environmental, Social, and Governance (ESG) investments on corporate debt financing (CDF) in the BRICS (Brazil, Russia, India, China, and South Africa) economies throughout 2010 to 2022. A central aspect of this research is the moderating role of financial...

Theory suggests that corporate and sovereign bonds are fundamentally different, also because sovereign debt has no bankruptcy mechanism and is hard to enforce. We show empirically that the two assets are more similar than you think, at least when it comes to high-yield bonds over the past 20...

Theory suggests that corporate and sovereign bonds are fundamentally different, also because sovereign debt has no bankruptcy mechanism and is hard to enforce. We show empirically that the two assets are more similar than you think, at least when it comes to high-yield bonds over the past 20...

Purpose This paper studies the determinants of the debt maturity of Mexican-listed companies by analysing the effects on the extensive (issuing or liquidating debt) and the intensive (debt maturity renegotiation) margins. Design/methodology/approach This study, using a Tobit model for panel data...

Central banks increasingly act as market-makers-of-last-resort, yet the impact and exit of such interventions remain poorly understood. Using euro-area data, we analyze the cycle of market freeze, intervention, and exit in short-term debt markets. A run on money market funds (MMFs) triggered a...

We study the determinants of active debt management through issuance and refinancing decisions for firms around the world. We leverage instrument-level data to create a comprehensive picture of the maturity, currency, and security type composition of firms' debt for a large cross-section of...

Under its Articles of Agreement, the Fund may only provide financing to assist members to resolve their balance of payments problems and restore medium-term external viability and may only do so under adequate safeguards. The Fund's inter-related policies on financing assurances, debt...

We investigate how corporate legacy debt, through heterogeneous household portfolios, affects monetary policy's ability to control inflation. We find that (1) corporate debt generates an income effect that counters the traditional substitution effect, reducing the effectiveness of rate changes...

This paper documents the different debt maturity choices of firms by allowing debt heterogeneity. We use a sample of US companies' capital structure and employ dynamic panel regressions and Instrumental Variable approach. When taking the maturity of each type of debt into account, the researcher...

The processing and transformation of natural resources into completed and semi-finished products is the primary function of industry in each nation's economy. There is no denying the significance of industry and sectoral classification of the economy, but the slow development and extension of...

Using the data of listed companies and the DID method, this paper reveals three ways in which green credit policy (GCP) affects corporate debt financing, By controlling credit input, GCP can effectively restrain corporate debt financing in the "two-high" industries, However, the policy also...

Theory suggests that corporate and sovereign bonds are fundamentally different, also because sovereign debt has no bankruptcy mechanism and is hard to enforce. We show empirically that the two assets are more similar than you think, at least when it comes to high-yield bonds over the past 20...

This study investigates the impact of the Insolvency and Bankruptcy Code (IBC) on the capital structure speed of adjustment (SOA) of Indian firms. The IBC, introduced in 2016, significantly enhanced creditors' rights and streamlined the bankruptcy process, providing a quasi-natural experiment to...

Green financial policies play an important role in acceleration of China's green transformation. Existing associated studies mainly focus on the qualitative analysis and descriptive analysis. However, it still lacks empirical studies. To explore the relationship between green finance policies...

This study analyzes bank loan maturity and corporate investment linkage by using novel firm-level data covering the universe of all incorporated firms in Türkiye over the last decade. The results of the panel regression model with multi-dimensional fixed effects reveal that loan maturity has a...

This study revisits the existing evidence of a downward trend in credit rating standards indicating that CRAs have become more conservative over time. We find that the time-series variation in the proxy for rating standards is mostly driven by the market-based variables in the model,...

We show that capital controls (CC), by slowing-down firm debt-growth in the boom, improve firm performance during crises. Exploiting a tax on foreign-currency (FX) debt inflows in Colombia before the Global Financial Crisis (GFC) and multiple firm-level and loan-level administrative datasets, we...

This study revisits the existing evidence of a downward trend in credit rating standards indicating that CRAs have become more conservative over time. We find that the time-series variation in the proxy for rating standards is mostly driven by the market-based variables in the model,...