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Displaying results 1 to 8 of 8.

  1. Who Pays for Sustainability? An Analysis of Sustainability-Linked Bonds
    Author: Kölbel, Julian; Lambillon, Adrien-Paul
    Published: 2023
    Publisher:  SSRN, [S.l.]

    We examine the novel phenomenon of sustainability-linked bonds (SLBs). These bonds’ coupon is contingent on the issuer achieving a predetermined sustainability performance target. We estimate the yield differential between SLBs and non-sustainable... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    We examine the novel phenomenon of sustainability-linked bonds (SLBs). These bonds’ coupon is contingent on the issuer achieving a predetermined sustainability performance target. We estimate the yield differential between SLBs and non-sustainable counter-factuals by matching bonds from the same issuer. Our results suggest that issuing an SLB yields an average premium of -9 basis points on the yield at issue compared to a conventional bond, although this premium decreased over time. On average, the savings from this reduction in the cost of debt exceed the maximum potential penalty that issuers need to pay in case of failure of the sustainability performance target. This suggests that SLB issuers can benefit from a ’free lunch’, i.e. a financial benefit despite not reaching the target. Investigating the drivers of the premium, we show that there is no clear empirical relationship between the yield at issue and the coupon step-up agreement of SLBs. Instead, an issuer’s first SLB seems to command a significantly larger premium, suggesting that especially the first SLB is seen by investors as a credible signal of a company’s commitment to sustainability

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Swiss Finance Institute Research Paper ; No. 23-07
    Subjects: Sustainable investing; ESG; sustainability-linked bonds; corporate bonds; cost of debt
    Other subjects: Array
    Scope: 1 Online-Ressource (35 p)
    Notes:

    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments January 12, 2022 erstellt
  2. R&D subsidies and firms’ cost of debt
    Author: Demeulemeester, Sarah; Hottenrott, Hanna
    Published: 2015
    Publisher:  KU Leuven, Fac. of Economics and Business, Leuven

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: MSI ; 1511
    Subjects: Innovation policy; Research & Development; R&D subsidies; cost of debt; financial constraints
    Scope: Online-Ressource (37 S.)
  3. Understanding urated bond issuance
    Author: Arakelyan, Armen; Duca, Eric; Salvador, Carlos
    Published: abril - 2016
    Publisher:  Fundación de las Cajas de Ahorros, [Madrid]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Documento de trabajo / Fundación de las Cajas de Ahorros ; no 778 (2016)
    Subjects: Credit rating; unrated bonds, rating agencies; cost of debt
    Scope: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  4. Movables as collateral and corporate credit
    loan-level evidence from legal reforms across europe
    Author: Ongena, Steven; Saffar, Walid; Sun, Yuan; Wei, Lai
    Published: 27 July 2022
    Publisher:  Centre for Economic Policy Research, London

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    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP17509
    Subjects: cost of debt; Collateral Laws; Access to credit
    Scope: 1 Online-Ressource (circa 59 Seiten)
  5. Supporting small firms through recessions and recoveries
    Author: Custodio, Claudia; Bonfim, Diana; Raposo, Clara
    Published: 31 May 2022
    Publisher:  Centre for Economic Policy Research, London

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    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP17345
    Subjects: Small Firms' Financing; Credit Certification; cost of debt; investment; business cycles; Government Guarantees
    Scope: 1 Online-Ressource (circa 89 Seiten), Illustrationen
  6. Technology spillovers, asset redeployability, and corporate financial policies
    Author: Nguyen Phuong Anh; Kecskés, Ambrus
    Published: [2021]
    Publisher:  Asian Development Bank Institute, Tokyo, Japan

    Prior research shows that technology spillovers across firms increase innovation, productivity, and value. We study how firms finance their own growth stimulated by technology spillovers from their technological peer firms. We find that greater... more

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    DS 188
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    Prior research shows that technology spillovers across firms increase innovation, productivity, and value. We study how firms finance their own growth stimulated by technology spillovers from their technological peer firms. We find that greater technology spillovers lead to higher leverage. This is the result of technology spillovers increasing asset redeployability, as evidenced by more collateralized borrowing and asset transactions. Borrowing costs also decrease. Exogenous variation in the R&D tax credits of other firms allows us to identify the causal effect of technology spillovers on a given firm.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/238616
    Series: ADBI working paper series ; no. 1259 (April 2021)
    Subjects: innovation; technology spillovers; research and development; financial policies; capital structure; asset redeployability; cost of debt
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  7. Information asymmetry and the pricing of privately placed debt
    Author: Dinkelaker, Kilian R.; Mattig, Andreas; Morkoetter, Stefan
    Published: January 19th, 2021
    Publisher:  School of Finance, University of St. Gallen, St. Gallen

    Based on a dataset including 11,636 private debt placements issued globally between 1999 and 2016, we investigate the association between borrower-lender information asymmetry and the cost of debt for issuers. We observe that information asymmetry... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 314
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    Based on a dataset including 11,636 private debt placements issued globally between 1999 and 2016, we investigate the association between borrower-lender information asymmetry and the cost of debt for issuers. We observe that information asymmetry due to being a private or unrated firm is associated with higher cost of private debt. Our results equally inform corporate financing decisions and government initiatives aimed at promoting private debt markets in order to expand funding sources for the private sector

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Working papers on finance ; no. 2021, 03
    Subjects: Private placement; cost of debt; information asymmetry; corporate structure
    Scope: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  8. Firm life cycle and cost of debt
    Author: Amin, Abu; Bowler, Blake; Hasan, Mostafa Monzur; Lobo, Gerald L.; Trešl, Jiří
    Published: September 2020
    Publisher:  Charles University, Center for Economic Research and Graduate Education, Prague

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    W 695 (665)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    ISBN: 9788073434724; 9788073445546
    Series: Working paper series / CERGE-EI ; 665
    Subjects: Firm lifecycle; cost of debt; bank loans; risk
    Scope: 41 Seiten, Illustrationen
    Notes:

    Erscheint auch als Online-Ausgabe