Global ETD Search
Search theses and dissertations gathered from participating repositories worldwide. Every result links back to the library that holds it. No account is needed.
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Showing 1 to 20 of 23 for “"debt maturity"”.
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Essays on Debt Maturity
<p>I study firms' debt maturity decisions. I provide two models for optimal debt maturity choices when facing stochastic productivity and rollover risk. The first model is based on firms' need to smooth their capital when facing uncertainties in external financing. When the capital market freezes, …
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The corporate debt maturity choice : an empirical examination
… structure, empirical research in the corporate debt maturity area is still scant. Related studies had formulated theoretical justifications for the observed cross-sectional multiplicity of debt maturities without a parallel concern in empirical research and to date, little empirical work has …
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Capital structure and debt maturity choices of firms in developing countries
… aim of the thesis is to examine the leverage and debt maturity levels and the determinants of capital structure and debt maturity of firms in developing countries. We use World Bank Enterprise Survey data covering 10,839 firms in 24 countries located in five regions. The survey provides …
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Leverage and Debt Maturity: The Implication of Size and Market Quotation
… the existing literature on capital structure and debt maturity controversies with an emphasis on recent empirical work. The next three chapters consist of three research papers. The first paper looks at the capital structure decisions of companies quoted in AIM and Main market across different …
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Essays in International Finance
The third chapter analyzes issues about public debt maturity in a general equilibrium model of a small open economy under inflation target. Following a risk premium shock, the households of this economy suffer higher wealth losses if they finance the government with longer maturity nominal bond. …
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Essays on Corporate Finance and Financial Intermediation
… values can affect the determination of debt maturity. I document the first empirical evidence supporting the claim that higher liquidation value can indeed decrease debt maturity. I document that maturity for cash lending, which provides cash usable at the borrower's discretion, …
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The impact of the global financial crisis and institutional settings on corporate financial decisions.
… both borrowing and investments. Firms reduce debt financing, retain more cash and cut corporate payouts due to a sharp rise in uncertainty. Moreover, the role of institutional settings on corporate decisions differs following the GFC. Three empirical chapters contribute to the literature: …
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Essays in corporate finance
… by exploiting ex-ante variation in long-term debt maturity structure. Using a difference-in-differences matching estimator approach, I find that firms whose long-term debt was largely maturing right after the third quarter of 2007 cut their investment-to-capital ratio by 2.5 percentage points …
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Essays In Corporate Governance
… to reducing agency costs evident in corporate debt maturity worldwide. Analyzing a large sample of public firms from 42 countries reveals that the fraction of long-term debt in firms' capital structures rises with the presence of a Big Four auditor, suggesting that higher-quality audits …
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Essays on debt markets
This thesis consists of three chapters on debt markets. In chapter 1, I consider the interaction between domestic banking and growth in a DSGE model of sovereign default in order to address (i) the joint existence of sovereign debt and international reserves, and (ii) the occurrence of twin …
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Market timing and cost of capital of the firm
… (2003) indicate that firm managers try to time debt markets based on term spreads or excess bond returns when choosing the maturity of new debt issues. Whether debt market timing increases firm value via a reduced cost of capital is an empirical question. I examine differences in firm value …
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Incidence and Costs of Pinhole Leak Corrosion and Corporate Cost of Capital Borrowing
… The second part of this document deals with the debt financing issues. Debt financing decisions are made simultaneously by lenders and borrowers. Since lenders are unable to observe directly the firms’ investment decisions, the banks offer contracts based up on firms’ observable characteristics …
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Two Essays on Capital Structure Decisions of the Firm: An Empirical Analysis of the Impact of Managerial Entrenchment and Ethical Corporate Citizenship
… structure decisions include the extent and maturity of debt as proxied by debt-to-equity ratio, and average debt maturity respectively. Results indicate that compared to managers who are not entrenched, entrenched managers obtain less rather than more debt, and they use long-term rather than …
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An empirical study of the impact of macroeconomic variables on the capital structure of South African firms during periods of heightened economic uncertainty
… this empirical research, the impact of national debt to GDP (and other selected macroeconomic variables) on the capital structure of South African firms is investigated during a period of heightened economic uncertainty. Economic uncertainty, as defined in this study, refers to the degree of …
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Foreign Portfolio Investment and the Financial Constraints of Small Firms
… that do issue, the form of capital appears to be debt. Since small firms often rely heavily on bank lending, I also test for potential increases in credit for small firms utilizing the bank lending theory of monetary transmission. Results show significantly decreased short-term debt and increased …
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2-Factor Models in Credit and Energy Markets
… using different assumptions for volatility and debt maturity (i) exogenous volatility and actual bond maturity, (ii) exogenous volatility and adjusted maturity, (iii) model determined volatility and actual bond maturity and (iv) model determined volatility and adjusted maturity. To our knowledge …
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Essays on Sovereign Default
… Chapter 2 and 3 delve into self-fulfilling debt crises. The first chapter explores how governments in emerging economies optimally manage the currency denomination of sovereign debt. Empirically, I show that governments in inflation-targeting emerging countries tilt their borrowing towards …
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Three Essays on Foreign CEOs
… individualistic CEOs are more likely to issue debt than equity and adjust their target leverage at a faster speed than firms managed by foreign CEOs from a collective culture. The empirical evidence shows that firms managed by individualistic CEOs tend to have more short debt maturity. The …
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Stock Return Anomalies, Industry Risk and Capital Structure
… evidence that this relation is masked by maturity: stocks with higher short-maturity debt earn significantly higher returns, but stocks with higher long-maturity debt earn lower returns. The opposite directions separated by maturity help explain why the relation between leverage and …
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Essays in corporate finance and investments
… constraints costs. In addition, the effect of debt maturity is also examined in this framework, and without financial constraints, there is no short-term debt effect. These model implications are supported in a large sample of firms over the 1965 to 2009 period: (1) financial constraints help …
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