We develop a framework to measure the severity of financial constraints for young firms across countries. Using ORBIS balance-sheet data for 23 economies, we show that short-term leverage rises while long-term leverage falls early in firms' life cycles, with this pattern persisting longer where...

Financial literacy represents a fundamental competence in contemporary knowledge-based economies, particularly in the context of increasingly complex corporate financing instruments. Insufficient financial literacy may lead to suboptimal debt decisions, inefficient capital structures, and...

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 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...

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...

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...

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...

This paper investigates how firms use green versus conventional debt and the associated firm- and aggregate-level environmental consequences. Employing a dataset of 127,711 global bond and syndicated loan issuances by non-financial firms across 85 countries during 2012-23, the paper documents a...

This study explores the relationship between corporate environmental, social, and governance (ESG) disagreements and corporate debt maturity. By examining panel samples from Chinese non-financial listed companies covering 2007 to 2020, we find that ESG disagreements negatively influence...

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...

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...

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...

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...

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...

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...

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...

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...