The Maturity Structure Of Debt
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The Maturity Structure Of Debt
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Author : Fabio Schiantarelli
language : en
Publisher: World Bank Publications
Release Date : 1997
The Maturity Structure Of Debt written by Fabio Schiantarelli and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Corporate debt categories.
Debt Maturity And The Use Of Short Term Debt
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Author : Sophia Chen
language : en
Publisher: International Monetary Fund
Release Date : 2019-02-05
Debt Maturity And The Use Of Short Term Debt written by Sophia Chen and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-02-05 with Business & Economics categories.
The maturity structure of debt can have financial and real consequences. Short-term debt exposes borrowers to rollover risk (where the terms of financing are renegotiated to the detriment of the borrower) and is associated with financial crises. Moreover, debt maturity can have an impact on the ability of firms to undertake long-term productive investments and, as a result, affect economic activity. The aim of this paper is to examine the evolution and determinants of debt maturity and to characterize differences across countries.
The Maturity Structure Of Debt Determinants And Effects On Firms Performance Evidence From The United Kingdom And Italy
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Author : Fabio Schiantarelli
language : en
Publisher:
Release Date : 1999
The Maturity Structure Of Debt Determinants And Effects On Firms Performance Evidence From The United Kingdom And Italy written by Fabio Schiantarelli and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
January 1997 Firms tend to match assets with liabilities, and more profitable firms have more long-term debt. Long-term debt has a positive effect on firms' performance, but this is not true when a large fraction of that debt is subsidized. The authors empirically investigate the determinants and consequences of the maturity structure of debt, using data from a panel of UK and Italian firms. They find that in choosing a maturity structure for debt, firms tend to match assets and liabilities, as both conventional wisdom and some recent theoretical models suggest. They conclude that more profitable firms (as measured by the ratio of cash flow to capital) tend to have more long-term debt. This finding is consistent with the dominant role played by firms' fear of liquidation and loss of control associated with short-term debt. It may also reflect the willingness of financial markets to provide long-term finance only to quality firms. The data do not support the hypothesis that short-term debt, through better monitoring and control, boosts efficiency and growth -rather, the opposite can be concluded. In both countries, the data suggest a positive relationship between initial debt maturity and the firms' subsequent medium-term performance (i.e., profitability and growth in real sales). In both countries total factor productivity (TFP) depends positively on the length of debt maturity when the maturity variable is entered both contemporaneously and lagged. But in Italy the positive effect of the length of maturity on productivity is substantially reduced or even reversed when the proportion of subsidized credit increases. The authors document the relationship between firms' characteristics and their choice of shorter or long-term debt by estimating a maturity equation and interpreting the results in light of insights from theoretical literature, and by analyzing the effects of maturity on firms' later performance in terms of profitability, growth, and productivity; assess how TFP depends on the degree of leverage and the proportion of longer and shorter-term debt; and analyze the relationship between firms' debt maturity and investment. This paper--a product of the Finance and Private Sector Development Division, Policy Research Department--is part of a larger effort in the department to study the effects of financial structure on economic performance. The study was funded by the Bank's Research Support Budget under the research project Term Finance: Theory and Evidence (RPO 679-62).
The Maturity Structure Of Debt
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Author : Fabio Schiantarelli
language : en
Publisher:
Release Date : 2016
The Maturity Structure Of Debt written by Fabio Schiantarelli and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Firms tend to match asset ...
The Maturity Structure Of Debt
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Author : Schiantarelli
language : en
Publisher:
Release Date : 2013
The Maturity Structure Of Debt written by Schiantarelli and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
Parameterizing Debt Maturity
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Author : Mr. Philip Barrett
language : en
Publisher: International Monetary Fund
Release Date : 2021-04-23
Parameterizing Debt Maturity written by Mr. Philip Barrett and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-04-23 with Business & Economics categories.
This paper examines ways to summarize the maturity structure of public debts using a small number of parameters. We compile a novel dataset of all promised future payments for US and UK government debt from every month since 1869, and more recently for Peru, Poland, Egypt, and Nigeria. We show that there is a unique parametric form which does not arbitrarily restrict debt issuance – portfolios of bonds with exponential coupons. Compared to the most popular alternative, this form 1) more accurately describes changes in debt maturity for these six countries and 2) gives a quite different interpretation of historical debt maturity. Our work can be applied not just to analyze past debt movements, but – because parameter estimates are relatively similar across countries – also for monitoring changes in debt maturity, including in countries where data are partial or incomplete.
Optimal Maturity Structure Of Sovereign Debt In Situation Of Near Default
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Author : Gabriel Desgranges
language : en
Publisher: International Monetary Fund
Release Date : 2014-09-12
Optimal Maturity Structure Of Sovereign Debt In Situation Of Near Default written by Gabriel Desgranges and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-09-12 with Business & Economics categories.
We study the relationship between default and the maturity structure of the debt portfolio of a Sovereign, under uncertainty. The Sovereign faces a trade-off between a future costly default and a high current fiscal effort. This results into a debt crisis in case a large initial issuance of long term debt is followed by a sequence of negative macro shocks. Prior uncertainty about future fundamentals is then a source of default through its effect on long term interest rates and the optimal debt issuance. Intuitively, the Sovereign chooses a portfolio implying a risk of default because this risk generates a correlation between the future value of long term debt and future fundamentals. Long term debt serves as a hedging instrument against the risk on fundamentals. When expected fundamentals are high, the Sovereign issues a large amount of long term debt, the expected default probability increases, and so does the long term interest rate.
The Maturity Structure Of Debt Determinants And Effects Of Firms Performance Evidence From The United Kingdon And Italy
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Author : Fabio Schiantarelli
language : en
Publisher:
Release Date : 1997
The Maturity Structure Of Debt Determinants And Effects Of Firms Performance Evidence From The United Kingdon And Italy written by Fabio Schiantarelli and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Credito - Italia categories.
Debt Maturity And Corporate Capital Structure
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Author : Don Hamson
language : en
Publisher:
Release Date : 1990
Debt Maturity And Corporate Capital Structure written by Don Hamson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Capital categories.
Debt Maturity And Firm Performance
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Author : Fabio Schiantarelli
language : en
Publisher: World Bank Publications
Release Date : 1997
Debt Maturity And Firm Performance written by Fabio Schiantarelli and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Mercado de capitales - India categories.