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Displaying results 1 to 15 of 15.

  1. Corporate debt structure and economic recoveries
    Author: Grjebine, Thomas; Szczerbowicz, Urszula; Tripier, Fabien
    Published: [2017]
    Publisher:  Banque de France, [Paris]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / Banque de France ; #646 (September 2017)
    Subjects: Corporate Debt; Bonds Markets; Banking; Business Cycles; Recovery; Financial Frictions
    Scope: 1 Online-Ressource (circa 59 Seiten), Illustrationen
  2. Liquidity, debt denomination, and currency dominance
    Author: Coppola, Antonio; Krishnamurthy, Arvind; Xu, Chenzi
    Published: [2023]
    Publisher:  Stanford Institute for Economic Policy Research (SIEPR), Stanford, CA

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    Source: Union catalogues
    Language: English
    Media type: Book
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    Series: Working paper / Stanford Institute for Economic Policy Research (SIEPR) ; no. 23, 05 (February, 2023)
    Subjects: International Currencies; Dollar Dominance; Liquidity; Corporate Debt
    Scope: 1 Online-Ressource (circa 65 Seiten), Illustrationen
  3. Essays on macroeconomics, monetary policy and firm heterogeneity
    Author: Thürwächter, Claire
    Published: 2023
    Publisher:  Department of Economics, Stockholm University, Stockholm

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    Source: Union catalogues
    Language: English
    Media type: Dissertation
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    ISBN: 9789180142670
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    Series: Monograph series / Institute for International Economic Studies, Stockholm University ; no. 119
    Subjects: Macroeconomics; Monetary Economics; Monetary Policy Transmission; Firm Heterogeneity; Investment Frictions; High-frequency Identification; Granular Instrumental Variable; Corporate Debt; Corporate Leverage
    Scope: 1 Online-Ressource (circa 271 Seiten), Illustrationen
    Notes:

    Dissertation, Stockholm University, 2023
  4. Liquidity, debt denomination, and currency dominance
    Author: Coppola, Antonio; Krishnamurthy, Arvind; Xu, Chenzi
    Published: 19 February 2023
    Publisher:  Centre for Economic Policy Research, London

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    Source: Union catalogues
    Language: English
    Media type: Book
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    Series: Array ; DP17922
    Subjects: US-Dollar; Reservewährung; Internationales Währungssystem; Internationaler Finanzmarkt; Verbindlichkeiten; Betriebliche Liquidität; Internationale Liquidität; International Currencies; Dollar Dominance; Liquidity; Corporate Debt
    Scope: 1 Online-Ressource (circa 68 Seiten), Illustrationen
  5. Monitoring costs of public debt
    evidence from a natural experiment in Israel
    Author: Kedmi, Itay; Lakan, Guy
    Published: [2021]
    Publisher:  Research Department, Bank of Israel, Jerusalem, Israel

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    Language: English
    Media type: Book
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    Series: Discussion paper / Bank of Israel Research Department ; 2021, 18 (October 2021)
    Subjects: Institutional Investors; Corporate Debt; Monitoring Costs; Alignment of Interests
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  6. Policy options for supporting and restructuring firms hit by the COVID-19 crisis
    Author: Araujo, Juliana; Garrido, José María; Kopp, Emanuel; Varghese, Richard; Yao, Weijia
    Published: 2022 FEB
    Publisher:  International Monetary Fund, Publication Services, Washington, DC, U.S.A.

    This paper presents principles that could guide the design of more targeted policy support and facilitate the restructuring of firms adversely impacted by the COVID-19 pandemic. To this end, the paper takes stock of vulnerabilities and risks in the... more

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    This paper presents principles that could guide the design of more targeted policy support and facilitate the restructuring of firms adversely impacted by the COVID-19 pandemic. To this end, the paper takes stock of vulnerabilities and risks in the enterprise sector and assesses countries' preparedness to handle a large-scale restructuring of businesses. Crisis preparedness of insolvency systems is measured according to a newly designed indicator that includes five dimensions of the insolvency and restructuring regime (out-of-court restructuring, hybrid restructuring, reorganization, liquidation, and the institutional framework). Vulnerabilities tend to be more pronounced in jurisdictions with shortcomings in crisis preparedness, and those countries need to step up efforts to improve their insolvency systems

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
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    Series: Departmental paper / International Monetary Fund ; DP/2022, 002
    Subjects: Corporate Debt; Solvency Support to Enterprises; Insolvency,Reorganization; Liquidation; Restructuring; COVID-19; Bankruptcy; Corporate Finance and Governance; Liquidation; Studies of Particular Policy Episodes
    Scope: 1 Online-Ressource (circa 79 Seiten), Illustrationen
  7. The COVID-19 impact on corporate leverage and financial fragility
    Author: Haque, Sharjil Muktafi; Varghese, Richard
    Published: Nov 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity... more

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    We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity increased moderately. This de-leveraging effect is stronger for firms exposed to significant rollover risk, while firms whose businesses were most vulnerable to social distancing did not reduce leverage. We rationalize our evidence through a structural model of firm value that shows lower expected growth rate and higher volatility of cash flows following COVID-19 reduced optimal levels of corporate leverage. Model-implied optimal leverage indicates firms which did not de-lever became over-leveraged. We find default probability deteriorates most in large, over-leveraged firms and those that were stressed pre-COVID. Additional stress tests predict value of these firms will be less than one standard deviation away from default if cash flows decline by 20 percent

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781589064126
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    Series: Working paper / International Monetary Fund ; WP/21, 265
    Subjects: COVID-19; Corporate Debt; Optimal Capital Structure; Rollover Risk; Distance-To-Default; Default Risk; Stress Tests; Capital and Ownership Structure; Corporate Finance and Governance; Financial Economics; Financial Risk and Risk Management; Financing Policy; General Financial Markets
    Scope: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  8. Governed by the cycle
    direct and inverted interest-rate sensitivity of emerging market corporate debt
    Author: Gubareva, Mariya; Borges, Maria Rosa
    Published: [2016]
    Publisher:  ISEG - School of Economics and Management, Department of Economics, University of Lisbon, Lisbon

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    Language: English
    Media type: Book
    Format: Online
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    hdl: 10400.5/12303
    Series: Working papers / ISEG, School of Economics and Management, Department of Economics ; WP 2016, 22 DE/UECE
    Subjects: Fixed Income; Portfolio Performance Evaluation; Downside Risk Management; Emerging Markets; Corporate Debt; Interest Rate Sensitivity
    Scope: 1 Online-Ressource (circa 65 Seiten), Illustrationen
  9. Interest rate (in)sensitivity of emerging market corporate debt
    economic analysis based on 2002-2015 empirical evidence
    Author: Gubareva, Mariya; Borges, Maria Rosa
    Published: [2016]
    Publisher:  ISEG - School of Economics and Management, Department of Economics, University of Lisbon, Lisbon

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    hdl: 10400.5/12302
    Series: Working papers / ISEG, School of Economics and Management, Department of Economics ; WP 2016, 21 DE/UECE
    Subjects: Fixed Income; Portfolio Performance Evaluation; Downside Risk Management; Emerging Markets; Corporate Debt; Interest rate sensitivity
    Scope: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  10. Policy options for supporting and restructuring firms hit by the COVID-19 crisis
    Author: Araujo, Juliana; Garrido, José María; Kopp, Emanuel; Varghese, Richard; Yao, Weijia
    Published: 2022 FEB
    Publisher:  International Monetary Fund, Publication Services, Washington, DC, U.S.A.

    This paper presents principles that could guide the design of more targeted policy support and facilitate the restructuring of firms adversely impacted by the COVID-19 pandemic. To this end, the paper takes stock of vulnerabilities and risks in the... more

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    This paper presents principles that could guide the design of more targeted policy support and facilitate the restructuring of firms adversely impacted by the COVID-19 pandemic. To this end, the paper takes stock of vulnerabilities and risks in the enterprise sector and assesses countries' preparedness to handle a large-scale restructuring of businesses. Crisis preparedness of insolvency systems is measured according to a newly designed indicator that includes five dimensions of the insolvency and restructuring regime (out-of-court restructuring, hybrid restructuring, reorganization, liquidation, and the institutional framework). Vulnerabilities tend to be more pronounced in jurisdictions with shortcomings in crisis preparedness, and those countries need to step up efforts to improve their insolvency systems

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: Departmental paper / International Monetary Fund ; DP/2022, 002
    Subjects: Corporate Debt; Solvency Support to Enterprises; Insolvency,Reorganization; Liquidation; Restructuring; COVID-19; Bankruptcy; Corporate Finance and Governance; Liquidation; Studies of Particular Policy Episodes
    Scope: 1 Online-Ressource (circa 79 Seiten), Illustrationen
  11. Do investors care about consumption taxes?
    evidence from equities in advanced and emerging economies
    Author: Pallan, Hayley
    Published: June 2022
    Publisher:  Graduate Institute of International and Development Studies, International Economics Department, Geneva, Switzerland

    This paper examines whether investors react to consumption taxes. Despite the near global adoption of VAT policies, relatively little is known regarding the investor response to VAT changes. In an event-study setup, using a new dataset of daily... more

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    This paper examines whether investors react to consumption taxes. Despite the near global adoption of VAT policies, relatively little is known regarding the investor response to VAT changes. In an event-study setup, using a new dataset of daily equity returns and precise dates of tax policy announcements across 20 countries between 1990 and 2014, I find heterogeneous responses: in advanced economies, equities react negatively to an announcement regarding a consumption tax increase, while in emerging markets, equities react positively to similar announcements. In emerging economies, the positive response to consumption tax increases is amplified in times of worsening macro-indicators, such as higher fiscal deficits and inflation. This result holds using both country-level index returns and firm-level equity returns. Furthermore, in emerging economies, the equity returns of high-debt firms respond more positively to VAT increases. Overall, the results suggest that investor sentiment in emerging economies is positive in response to VAT increases. This may be due to the expectation that fiscal prudence will prevent increases in interest rates, which would be particularly damaging for countries with deteriorating macro-conditions and firms with high levels of debt.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    hdl: 10419/266129
    Series: Working paper series / Graduate Institute of International and Development Studies, International Economics Department ; no. HEIDWP2022, 14
    Subjects: Fiscal Policies; Financial Markets; Macroeconomic Conditions; Corporate Debt
    Scope: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  12. The COVID-19 impact on corporate leverage and financial fragility
    Author: Haque, Sharjil Muktafi; Varghese, Richard
    Published: Nov 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity... more

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    We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity increased moderately. This de-leveraging effect is stronger for firms exposed to significant rollover risk, while firms whose businesses were most vulnerable to social distancing did not reduce leverage. We rationalize our evidence through a structural model of firm value that shows lower expected growth rate and higher volatility of cash flows following COVID-19 reduced optimal levels of corporate leverage. Model-implied optimal leverage indicates firms which did not de-lever became over-leveraged. We find default probability deteriorates most in large, over-leveraged firms and those that were stressed pre-COVID. Additional stress tests predict value of these firms will be less than one standard deviation away from default if cash flows decline by 20 percent

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781589064126
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    Series: Working paper / International Monetary Fund ; WP/21, 265
    Subjects: COVID-19; Corporate Debt; Optimal Capital Structure; Rollover Risk; Distance-To-Default; Default Risk; Stress Tests; Capital and Ownership Structure; Corporate Finance and Governance; Financial Economics; Financial Risk and Risk Management; Financing Policy; General Financial Markets
    Scope: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  13. State ownership and corporate leverage around the world
    Author: Haas, Ralph de; Guriev, Sergej; Stepanov, Alexander
    Published: 11 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 ; DP17300
    Subjects: State ownership; Privatization; Corporate Debt; State banks
    Scope: 1 Online-Ressource (circa 56 Seiten)
  14. International pecking order
    Author: Malamud, Semyon; Eren, Egemen; Zhou, Haonan
    Published: 07 April 2022
    Publisher:  Centre for Economic Policy Research, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP17193
    Subjects: foreign currency debt; Corporate Debt; signalling; Exchange Rates; Pecking order
    Scope: 1 Online-Ressource (circa 71 Seiten), Illustrationen
  15. Corporate debt and investment in the post-Covid world
    Author: Heresi, Rodrigo; Powell, Andrew
    Published: September 2022
    Publisher:  Inter-American Development Bank, Department of Research and Chief Economist, [Washington, DC]

    We study the relationship between corporate debt, corporate risk and firm-level investment, using a sample of 25,000 listed companies across 47 countries over the last two decades. We find higher leverage reduces investment but show the effect varies... more

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    We study the relationship between corporate debt, corporate risk and firm-level investment, using a sample of 25,000 listed companies across 47 countries over the last two decades. We find higher leverage reduces investment but show the effect varies with risk, as measured by firm time-varying distance to default. Firms with higher market valuations and lower volatility do not suffer a debt overhang at all, while the effect is exacerbated for riskier firms. Debt overhang effects worsen significantly in economic crises, and the effects may persist for two to three years after the shock. Given the rise in corporate leverage observed during the last decade and as a result of the Covid-19 pandemic, physical investment is expected to remain at low levels for some years to come, with impacts varying considerably depending on the economic sector and other risk determinants.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/290022
    Series: IDB working paper series ; no IDB-WP-1316
    Subjects: Firm Investment; Corporate Debt; Corporate Risk
    Scope: 1 Online-Ressource (circa 25 Seiten), Illustrationen