What determines the structure of corporate debt issues?:
Publicly-traded debt securities differ on a number of dimensions, including quality, maturity, seniority, security, and convertibility. Finance research has provided a number of theories as to why firms should issue debt with different features; yet, there is very little empirical work testing these...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2007
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
13706 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Publicly-traded debt securities differ on a number of dimensions, including quality, maturity, seniority, security, and convertibility. Finance research has provided a number of theories as to why firms should issue debt with different features; yet, there is very little empirical work testing these theories. We consider a sample of 14,867 debt issues in the U.S. between 1971 and 2004. Our goal is to test the implications of these theories, and, more generally, to establish a set of stylized facts regarding the circumstances under which firms issue different types of debt. Our results suggest that there are three main types of factors that affect the structure of debt issues: First, firm-specific factors such as leverage, growth opportunities and cash holdings are related with the convertibility, maturity and security structure of issued bonds. Second, economy-wide factors, in particular the state of the macroeconomy, affect the quality distribution of securities offered; in particular, during recessions, firms issue fewer poor quality bonds than in good times but similar numbers of high-quality bonds. Finally, controlling for firm characteristics and economy-wide factors, project specific factors appear to influence the types of securities that are issued. Consistent with commonly stated 'maturity-matching' arguments, long-term, nonconvertible bonds are more likely to be issued by firms investing in fixed assets, while convertible and short-term bonds are more likely to finance investment in R&D. |
| Beschreibung: | 42 S. graph. Darst. 22 cm |
Internformat
MARC
| LEADER | 00000nam a2200000zcb4500 | ||
|---|---|---|---|
| 001 | BV023593601 | ||
| 003 | DE-604 | ||
| 005 | 20080711000000.0 | ||
| 007 | t | ||
| 008 | 080710s2007 xxud||| |||| 00||| eng d | ||
| 035 | |a (OCoLC)254588171 | ||
| 035 | |a (DE-599)GBV558070906 | ||
| 040 | |a DE-604 |b ger | ||
| 041 | 0 | |a eng | |
| 044 | |a xxu |c XD-US | ||
| 049 | |a DE-521 | ||
| 100 | 1 | |a Weisbach, Michael S. |d 1961- |e Verfasser |0 (DE-588)129309125 |4 aut | |
| 245 | 1 | 0 | |a What determines the structure of corporate debt issues? |c Michael Weisbach ; Woojin Kim ; Brandon Julio |
| 264 | 1 | |a Cambridge, Mass. |b National Bureau of Economic Research |c 2007 | |
| 300 | |a 42 S. |b graph. Darst. |c 22 cm | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 1 | |a Working paper series / National Bureau of Economic Research |v 13706 | |
| 520 | |a Publicly-traded debt securities differ on a number of dimensions, including quality, maturity, seniority, security, and convertibility. Finance research has provided a number of theories as to why firms should issue debt with different features; yet, there is very little empirical work testing these theories. We consider a sample of 14,867 debt issues in the U.S. between 1971 and 2004. Our goal is to test the implications of these theories, and, more generally, to establish a set of stylized facts regarding the circumstances under which firms issue different types of debt. Our results suggest that there are three main types of factors that affect the structure of debt issues: First, firm-specific factors such as leverage, growth opportunities and cash holdings are related with the convertibility, maturity and security structure of issued bonds. Second, economy-wide factors, in particular the state of the macroeconomy, affect the quality distribution of securities offered; in particular, during recessions, firms issue fewer poor quality bonds than in good times but similar numbers of high-quality bonds. Finally, controlling for firm characteristics and economy-wide factors, project specific factors appear to influence the types of securities that are issued. Consistent with commonly stated 'maturity-matching' arguments, long-term, nonconvertible bonds are more likely to be issued by firms investing in fixed assets, while convertible and short-term bonds are more likely to finance investment in R&D. | ||
| 700 | 1 | |a Kim, Woojin |e Verfasser |0 (DE-588)104329432 |4 aut | |
| 700 | 1 | |a Julio, Brandon |e Verfasser |0 (DE-588)135853427 |4 aut | |
| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |
| 810 | 2 | |a National Bureau of Economic Research <Cambridge, Mass.> |t NBER working paper series |v 13706 |w (DE-604)BV002801238 |9 13706 | |
| 856 | 4 | 1 | |u http://papers.nber.org/papers/w13706.pdf |z kostenfrei |3 Volltext |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-016908931 | ||
Datensatz im Suchindex
| _version_ | 1804138253330153472 |
|---|---|
| adam_txt | |
| any_adam_object | |
| any_adam_object_boolean | |
| author | Weisbach, Michael S. 1961- Kim, Woojin Julio, Brandon |
| author_GND | (DE-588)129309125 (DE-588)104329432 (DE-588)135853427 |
| author_facet | Weisbach, Michael S. 1961- Kim, Woojin Julio, Brandon |
| author_role | aut aut aut |
| author_sort | Weisbach, Michael S. 1961- |
| author_variant | m s w ms msw w k wk b j bj |
| building | Verbundindex |
| bvnumber | BV023593601 |
| ctrlnum | (OCoLC)254588171 (DE-599)GBV558070906 |
| format | Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>02811nam a2200337zcb4500</leader><controlfield tag="001">BV023593601</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20080711000000.0</controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">080710s2007 xxud||| |||| 00||| eng d</controlfield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)254588171</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)GBV558070906</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="044" ind1=" " ind2=" "><subfield code="a">xxu</subfield><subfield code="c">XD-US</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-521</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Weisbach, Michael S.</subfield><subfield code="d">1961-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)129309125</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">What determines the structure of corporate debt issues?</subfield><subfield code="c">Michael Weisbach ; Woojin Kim ; Brandon Julio</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Cambridge, Mass.</subfield><subfield code="b">National Bureau of Economic Research</subfield><subfield code="c">2007</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">42 S.</subfield><subfield code="b">graph. Darst.</subfield><subfield code="c">22 cm</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">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="1" ind2=" "><subfield code="a">Working paper series / National Bureau of Economic Research</subfield><subfield code="v">13706</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">Publicly-traded debt securities differ on a number of dimensions, including quality, maturity, seniority, security, and convertibility. Finance research has provided a number of theories as to why firms should issue debt with different features; yet, there is very little empirical work testing these theories. We consider a sample of 14,867 debt issues in the U.S. between 1971 and 2004. Our goal is to test the implications of these theories, and, more generally, to establish a set of stylized facts regarding the circumstances under which firms issue different types of debt. Our results suggest that there are three main types of factors that affect the structure of debt issues: First, firm-specific factors such as leverage, growth opportunities and cash holdings are related with the convertibility, maturity and security structure of issued bonds. Second, economy-wide factors, in particular the state of the macroeconomy, affect the quality distribution of securities offered; in particular, during recessions, firms issue fewer poor quality bonds than in good times but similar numbers of high-quality bonds. Finally, controlling for firm characteristics and economy-wide factors, project specific factors appear to influence the types of securities that are issued. Consistent with commonly stated 'maturity-matching' arguments, long-term, nonconvertible bonds are more likely to be issued by firms investing in fixed assets, while convertible and short-term bonds are more likely to finance investment in R&D.</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Kim, Woojin</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)104329432</subfield><subfield code="4">aut</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Julio, Brandon</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)135853427</subfield><subfield code="4">aut</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Erscheint auch als</subfield><subfield code="n">Online-Ausgabe</subfield></datafield><datafield tag="810" ind1="2" ind2=" "><subfield code="a">National Bureau of Economic Research <Cambridge, Mass.></subfield><subfield code="t">NBER working paper series</subfield><subfield code="v">13706</subfield><subfield code="w">(DE-604)BV002801238</subfield><subfield code="9">13706</subfield></datafield><datafield tag="856" ind1="4" ind2="1"><subfield code="u">http://papers.nber.org/papers/w13706.pdf</subfield><subfield code="z">kostenfrei</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-016908931</subfield></datafield></record></collection> |
| id | DE-604.BV023593601 |
| illustrated | Illustrated |
| index_date | 2024-07-02T22:41:32Z |
| indexdate | 2024-07-09T21:25:15Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016908931 |
| oclc_num | 254588171 |
| open_access_boolean | 1 |
| owner | DE-521 |
| owner_facet | DE-521 |
| physical | 42 S. graph. Darst. 22 cm |
| publishDate | 2007 |
| publishDateSearch | 2007 |
| publishDateSort | 2007 |
| publisher | National Bureau of Economic Research |
| record_format | marc |
| series2 | Working paper series / National Bureau of Economic Research |
| spelling | Weisbach, Michael S. 1961- Verfasser (DE-588)129309125 aut What determines the structure of corporate debt issues? Michael Weisbach ; Woojin Kim ; Brandon Julio Cambridge, Mass. National Bureau of Economic Research 2007 42 S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 13706 Publicly-traded debt securities differ on a number of dimensions, including quality, maturity, seniority, security, and convertibility. Finance research has provided a number of theories as to why firms should issue debt with different features; yet, there is very little empirical work testing these theories. We consider a sample of 14,867 debt issues in the U.S. between 1971 and 2004. Our goal is to test the implications of these theories, and, more generally, to establish a set of stylized facts regarding the circumstances under which firms issue different types of debt. Our results suggest that there are three main types of factors that affect the structure of debt issues: First, firm-specific factors such as leverage, growth opportunities and cash holdings are related with the convertibility, maturity and security structure of issued bonds. Second, economy-wide factors, in particular the state of the macroeconomy, affect the quality distribution of securities offered; in particular, during recessions, firms issue fewer poor quality bonds than in good times but similar numbers of high-quality bonds. Finally, controlling for firm characteristics and economy-wide factors, project specific factors appear to influence the types of securities that are issued. Consistent with commonly stated 'maturity-matching' arguments, long-term, nonconvertible bonds are more likely to be issued by firms investing in fixed assets, while convertible and short-term bonds are more likely to finance investment in R&D. Kim, Woojin Verfasser (DE-588)104329432 aut Julio, Brandon Verfasser (DE-588)135853427 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 13706 (DE-604)BV002801238 13706 http://papers.nber.org/papers/w13706.pdf kostenfrei Volltext |
| spellingShingle | Weisbach, Michael S. 1961- Kim, Woojin Julio, Brandon What determines the structure of corporate debt issues? |
| title | What determines the structure of corporate debt issues? |
| title_auth | What determines the structure of corporate debt issues? |
| title_exact_search | What determines the structure of corporate debt issues? |
| title_exact_search_txtP | What determines the structure of corporate debt issues? |
| title_full | What determines the structure of corporate debt issues? Michael Weisbach ; Woojin Kim ; Brandon Julio |
| title_fullStr | What determines the structure of corporate debt issues? Michael Weisbach ; Woojin Kim ; Brandon Julio |
| title_full_unstemmed | What determines the structure of corporate debt issues? Michael Weisbach ; Woojin Kim ; Brandon Julio |
| title_short | What determines the structure of corporate debt issues? |
| title_sort | what determines the structure of corporate debt issues |
| url | http://papers.nber.org/papers/w13706.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT weisbachmichaels whatdeterminesthestructureofcorporatedebtissues AT kimwoojin whatdeterminesthestructureofcorporatedebtissues AT juliobrandon whatdeterminesthestructureofcorporatedebtissues |