How Long Is the Maturity of Corporate Borrowing? Evidence from Bond and Loan Issuances across Markets:
This paper studies the extent to which access to domestic and international bond markets and syndicated loan markets and switches across them impact corporate debt maturity. Using world issuance activity during 1991-2014, the paper shows that different markets provide financing at different terms an...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
2016
|
| Schriftenreihe: | World Bank E-Library Archive
|
| Online-Zugang: | kostenfrei |
| Zusammenfassung: | This paper studies the extent to which access to domestic and international bond markets and syndicated loan markets and switches across them impact corporate debt maturity. Using world issuance activity during 1991-2014, the paper shows that different markets provide financing at different terms and that the importance of each market varies over time. Thus, the type of debt issued and its composition affect corporate maturity. During the global financial crisis of 2008-09, firms issued more bonds and, in developing countries, also more domestic loans. Because these markets are of longer maturity, the substitution across them allowed the largest firms that switched markets to maintain their average borrowing maturity, even when the maturity within each market declined for switchers and non-switchers. This evidence suggests that firms use different debt markets as complements and substitutes, and that compositional effects across firms and markets have a material impact on firm-specific and aggregate maturity |
| Beschreibung: | 1 Online-Ressource (55 p) |
| DOI: | 10.1596/1813-9450-7815 |
Internformat
MARC
| LEADER | 00000nmm a2200000zc 4500 | ||
|---|---|---|---|
| 001 | BV048269917 | ||
| 003 | DE-604 | ||
| 007 | cr|uuu---uuuuu | ||
| 008 | 220609s2016 |||| o||u| ||||||eng d | ||
| 024 | 7 | |a 10.1596/1813-9450-7815 |2 doi | |
| 035 | |a (ZDB-1-WBA)NLM010471804 | ||
| 035 | |a (OCoLC)1334018301 | ||
| 035 | |a (DE-599)GBVNLM010471804 | ||
| 040 | |a DE-604 |b ger |e rda | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-12 |a DE-521 |a DE-573 |a DE-523 |a DE-Re13 |a DE-19 |a DE-355 |a DE-703 |a DE-91 |a DE-706 |a DE-29 |a DE-M347 |a DE-473 |a DE-824 |a DE-20 |a DE-739 |a DE-1043 |a DE-863 |a DE-862 | ||
| 100 | 1 | |a Cortina-Lorente, Juan Jose |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a How Long Is the Maturity of Corporate Borrowing? Evidence from Bond and Loan Issuances across Markets |c Juan Jose Cortina-Lorente |
| 264 | 1 | |a Washington, D.C |b The World Bank |c 2016 | |
| 300 | |a 1 Online-Ressource (55 p) | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b c |2 rdamedia | ||
| 338 | |b cr |2 rdacarrier | ||
| 490 | 0 | |a World Bank E-Library Archive | |
| 520 | |a This paper studies the extent to which access to domestic and international bond markets and syndicated loan markets and switches across them impact corporate debt maturity. Using world issuance activity during 1991-2014, the paper shows that different markets provide financing at different terms and that the importance of each market varies over time. Thus, the type of debt issued and its composition affect corporate maturity. During the global financial crisis of 2008-09, firms issued more bonds and, in developing countries, also more domestic loans. Because these markets are of longer maturity, the substitution across them allowed the largest firms that switched markets to maintain their average borrowing maturity, even when the maturity within each market declined for switchers and non-switchers. This evidence suggests that firms use different debt markets as complements and substitutes, and that compositional effects across firms and markets have a material impact on firm-specific and aggregate maturity | ||
| 700 | 1 | |a Didier, Tatiana |4 oth | |
| 700 | 1 | |a Schmukler, Sergio L. |4 oth | |
| 700 | 1 | |a Cortina-Lorente, Juan Jose |4 oth | |
| 776 | 0 | 8 | |i Erscheint auch als |n Druck-Ausgabe |a Cortina-Lorente, Juan Jose |t How Long Is the Maturity of Corporate Borrowing? Evidence from Bond and Loan Issuances across Markets |d Washington, D.C : The World Bank, 2016 |
| 856 | 4 | 0 | |u https://doi.org/10.1596/1813-9450-7815 |x Verlag |z kostenfrei |3 Volltext |
| 912 | |a ZDB-1-WBA | ||
| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-033650112 | |
Datensatz im Suchindex
| _version_ | 1812671778014625792 |
|---|---|
| adam_text | |
| adam_txt | |
| any_adam_object | |
| any_adam_object_boolean | |
| author | Cortina-Lorente, Juan Jose |
| author_facet | Cortina-Lorente, Juan Jose |
| author_role | aut |
| author_sort | Cortina-Lorente, Juan Jose |
| author_variant | j j c l jjc jjcl |
| building | Verbundindex |
| bvnumber | BV048269917 |
| collection | ZDB-1-WBA |
| ctrlnum | (ZDB-1-WBA)NLM010471804 (OCoLC)1334018301 (DE-599)GBVNLM010471804 |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| doi_str_mv | 10.1596/1813-9450-7815 |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>00000nmm a2200000zc 4500</leader><controlfield tag="001">BV048269917</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="007">cr|uuu---uuuuu</controlfield><controlfield tag="008">220609s2016 |||| o||u| ||||||eng d</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1596/1813-9450-7815</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-1-WBA)NLM010471804</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)1334018301</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)GBVNLM010471804</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">rda</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-12</subfield><subfield code="a">DE-521</subfield><subfield code="a">DE-573</subfield><subfield code="a">DE-523</subfield><subfield code="a">DE-Re13</subfield><subfield code="a">DE-19</subfield><subfield code="a">DE-355</subfield><subfield code="a">DE-703</subfield><subfield code="a">DE-91</subfield><subfield code="a">DE-706</subfield><subfield code="a">DE-29</subfield><subfield code="a">DE-M347</subfield><subfield code="a">DE-473</subfield><subfield code="a">DE-824</subfield><subfield code="a">DE-20</subfield><subfield code="a">DE-739</subfield><subfield code="a">DE-1043</subfield><subfield code="a">DE-863</subfield><subfield code="a">DE-862</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Cortina-Lorente, Juan Jose</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">How Long Is the Maturity of Corporate Borrowing? Evidence from Bond and Loan Issuances across Markets</subfield><subfield code="c">Juan Jose Cortina-Lorente</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Washington, D.C</subfield><subfield code="b">The World Bank</subfield><subfield code="c">2016</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (55 p)</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">World Bank E-Library Archive</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">This paper studies the extent to which access to domestic and international bond markets and syndicated loan markets and switches across them impact corporate debt maturity. Using world issuance activity during 1991-2014, the paper shows that different markets provide financing at different terms and that the importance of each market varies over time. Thus, the type of debt issued and its composition affect corporate maturity. During the global financial crisis of 2008-09, firms issued more bonds and, in developing countries, also more domestic loans. Because these markets are of longer maturity, the substitution across them allowed the largest firms that switched markets to maintain their average borrowing maturity, even when the maturity within each market declined for switchers and non-switchers. This evidence suggests that firms use different debt markets as complements and substitutes, and that compositional effects across firms and markets have a material impact on firm-specific and aggregate maturity</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Didier, Tatiana</subfield><subfield code="4">oth</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Schmukler, Sergio L.</subfield><subfield code="4">oth</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Cortina-Lorente, Juan Jose</subfield><subfield code="4">oth</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Erscheint auch als</subfield><subfield code="n">Druck-Ausgabe</subfield><subfield code="a">Cortina-Lorente, Juan Jose</subfield><subfield code="t">How Long Is the Maturity of Corporate Borrowing? Evidence from Bond and Loan Issuances across Markets</subfield><subfield code="d">Washington, D.C : The World Bank, 2016</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">https://doi.org/10.1596/1813-9450-7815</subfield><subfield code="x">Verlag</subfield><subfield code="z">kostenfrei</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-1-WBA</subfield></datafield><datafield tag="943" ind1="1" ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-033650112</subfield></datafield></record></collection> |
| id | DE-604.BV048269917 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:00:02Z |
| indexdate | 2024-10-12T04:01:58Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033650112 |
| oclc_num | 1334018301 |
| open_access_boolean | 1 |
| owner | DE-12 DE-521 DE-573 DE-523 DE-Re13 DE-BY-UBR DE-19 DE-BY-UBM DE-355 DE-BY-UBR DE-703 DE-91 DE-BY-TUM DE-706 DE-29 DE-M347 DE-473 DE-BY-UBG DE-824 DE-20 DE-739 DE-1043 DE-863 DE-BY-FWS DE-862 DE-BY-FWS |
| owner_facet | DE-12 DE-521 DE-573 DE-523 DE-Re13 DE-BY-UBR DE-19 DE-BY-UBM DE-355 DE-BY-UBR DE-703 DE-91 DE-BY-TUM DE-706 DE-29 DE-M347 DE-473 DE-BY-UBG DE-824 DE-20 DE-739 DE-1043 DE-863 DE-BY-FWS DE-862 DE-BY-FWS |
| physical | 1 Online-Ressource (55 p) |
| psigel | ZDB-1-WBA |
| publishDate | 2016 |
| publishDateSearch | 2016 |
| publishDateSort | 2016 |
| publisher | The World Bank |
| record_format | marc |
| series2 | World Bank E-Library Archive |
| spellingShingle | Cortina-Lorente, Juan Jose How Long Is the Maturity of Corporate Borrowing? Evidence from Bond and Loan Issuances across Markets |
| title | How Long Is the Maturity of Corporate Borrowing? Evidence from Bond and Loan Issuances across Markets |
| title_auth | How Long Is the Maturity of Corporate Borrowing? Evidence from Bond and Loan Issuances across Markets |
| title_exact_search | How Long Is the Maturity of Corporate Borrowing? Evidence from Bond and Loan Issuances across Markets |
| title_exact_search_txtP | How Long Is the Maturity of Corporate Borrowing? Evidence from Bond and Loan Issuances across Markets |
| title_full | How Long Is the Maturity of Corporate Borrowing? Evidence from Bond and Loan Issuances across Markets Juan Jose Cortina-Lorente |
| title_fullStr | How Long Is the Maturity of Corporate Borrowing? Evidence from Bond and Loan Issuances across Markets Juan Jose Cortina-Lorente |
| title_full_unstemmed | How Long Is the Maturity of Corporate Borrowing? Evidence from Bond and Loan Issuances across Markets Juan Jose Cortina-Lorente |
| title_short | How Long Is the Maturity of Corporate Borrowing? Evidence from Bond and Loan Issuances across Markets |
| title_sort | how long is the maturity of corporate borrowing evidence from bond and loan issuances across markets |
| url | https://doi.org/10.1596/1813-9450-7815 |
| work_keys_str_mv | AT cortinalorentejuanjose howlongisthematurityofcorporateborrowingevidencefrombondandloanissuancesacrossmarkets AT didiertatiana howlongisthematurityofcorporateborrowingevidencefrombondandloanissuancesacrossmarkets AT schmuklersergiol howlongisthematurityofcorporateborrowingevidencefrombondandloanissuancesacrossmarkets |