The Maturity Structure Of Debt Determinants And Effects On Firms Performance Evidence From The United Kingdom And Italy
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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.
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 : 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.
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 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.
The Banks And The Italian Economy
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Author : Damiano Bruno Silipo
language : en
Publisher: Springer Science & Business Media
Release Date : 2009-04-22
The Banks And The Italian Economy written by Damiano Bruno Silipo and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-04-22 with Business & Economics categories.
Damiano Bruno Silipo In the 1990s the Italian banking system underwent profound normative, institutional and structural changes. The Consolidated Law on Banking (1993) and that on Finance (1998) instituted the legal framework for a far-reaching overhaul of the Italian banking and ?nancial system: signi?cant relaxation of entry barriers, the liberalization of branching, the privatization of the Italian banks, and a massive process of mergers and acquisitions. Following the Bank of Italy’s liberalization of branching in 1990, in 10 years the number of bank branches increased by 70% in Italy, while in the rest of Europe it declined. Over the decade the average number of banks doing business in a province rose from 27 to 31, while a wave of mergers (324 operations) and acquisitions (137) revolutionized the Italian banking industry, reducing the overall number of Italian banks by 30%. To a signi?cant extent this concentration represented take-overs of troubled Southern banks by Central and Northern ones. As a result of these developments (plus a rise in banking productivity and a fall in costs), the spread between short-term lending and deposit rates fell from 7 percentage points in 1990 to 4 points in 1999. And despite an increase in concentration in a number of local credit markets, the interest-rate differential between the locally dominant and other banks generally narrowed.
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.
Does Access To Credit Improve Productivity
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Author : Roberta Gatti
language : en
Publisher: World Bank Publications
Release Date : 2002
Does Access To Credit Improve Productivity written by Roberta Gatti 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 2002 with categories.
"Although it is widely accepted that financial development is associated with higher growth, the evidence on the channels through which credit affects growth on the micro-level is scant. Using data from a cross section of Bulgarian firms, the authors estimate the impact of access to credit (as proxied by indicators of whether firms have access to a credit or overdraft facility) on productivity. To overcome potential omitted variable bias of OLS estimates, they use information on firms' past growth to instrument for access to credit. The authors find credit to be positively and strongly associated with total factor productivity. These results are robust to a wide range of robustness checks. "--World Bank web site.
Getting The Most Out Of Free Trade Agreements In Central America
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Author : J. Humberto Lopez
language : en
Publisher: World Bank Publications
Release Date : 2011-06-21
Getting The Most Out Of Free Trade Agreements In Central America written by J. Humberto Lopez 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 2011-06-21 with Business & Economics categories.
The main message of the study is that Central America's ability to exploit the opportunities created by ongoing trade liberalization will depend on the ability of the region to implement a complementary policy agenda that creates an enabling policy and institutional environment.
Global Financial Development Report 2015 2016
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Author : The World Bank
language : en
Publisher: World Bank Publications
Release Date : 2015-08-31
Global Financial Development Report 2015 2016 written by The World Bank 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 2015-08-31 with Business & Economics categories.
Global Financial Development Report 2015/2016 focuses on the ability of financial systems to sustainably extend the maturity of financial contracts for private agents. The challenges of extending the maturity structure of finance are often considered to be at the core of effective, sustainable financial development. Sustainably extending long-term finance may contribute to the objectives of higher growth and welfare, shared prosperity and stability in two ways: by reducing rollover risks for borrowers, thereby lengthening the horizon of investments; and by increasing the availability of long-term financial instruments, thereby allowing households to address their lifecycle challenges. The aim of the report is to contribute to the global policy debate on long-term finance. It builds upon findings from recent and ongoing research, lessons from operational work, as well as on inputs from financial sector professionals and researchers both within and outside the World Bank Group. Benefitting from new worldwide datasets and information on financial development, it will provide a broad and balanced review of the evidence and distill pragmatic lessons on long-term finance and related policies. This report, the third in the Global Financial Development Report series, follows the second issue on Financial Inclusion and the inaugural issue, Rethinking the Role of the State in Finance. The Global Financial Development Report 2015/2016 will be accompanied by a website worldbank.org/financialdevelopment containing extensive datasets, research papers, and other background materials as well as interactive features.