The Determinants of Long-Term Corporate Debt Issuances

被引：56

作者：

Badoer, Dominique C. ^{[1
]}

James, Christopher M. ^{[2
]}

机构：

[1] Univ Missouri, Columbia, MO 65211 USA

[2] Univ Florida, Gainesville, FL 32611 USA

来源：

JOURNAL OF FINANCE | 2016年 / 71卷 / 01期

关键词：

MATURITY STRUCTURE; CAPITAL STRUCTURE; MARKET; ISSUES; RISK;

D O I：

10.1111/jofi.12264

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

A significant proportion of the debt issued by investment-grade firms has maturities greater than 20 years. In this paper we provide evidence that gap-filling behavior is an important determinant of these very long-term issues. Using data on individual corporate debt issues between 1987 and 2009, we find that gap-filling behavior is more prominent in the very long end of the maturity spectrum where the required risk capital makes arbitrage costly. In addition, changes in the supply of long-term government bonds affect not just the choice of maturity but also the overall level of corporate borrowing.

引用

页码：457 / 492

页数：36

共 50 条

[1] Corporate Debt Mix and Long-term Firm Growth in Japan
Ahn, Yongkil
Shinozawa, Yoshikatsu
Yamada, Kazuo
[J]. EMERGING MARKETS FINANCE AND TRADE, 2022, 58 (08) : 2139 - 2152
[2] Determinants of state long-term debt: The political market framework
Kim, Koomin
Lim, Seunghoo
[J]. SOCIAL SCIENCE JOURNAL, 2018, 55 (03): : 359 - 368
[3] Determinants of long-term debt issuing decisions: An alternative approach
Zhu, Yushu
[J]. AUSTRALIAN JOURNAL OF MANAGEMENT, 2013, 38 (02) : 429 - 439
[4] Short-term debt and long-term debt determinants in small and medium-sized hospitality firms
Nunes, Paulo Macas
Serrasqueiro, Zelia
[J]. TOURISM ECONOMICS, 2017, 23 (03) : 543 - 560
[5] Determinants of Long-Term and Short-Term Debt Financing: Evidence from Poland
Kazmierska-Jozwiak, Bogna
Marszalek, Jakub
Sekula, Pawel
[J]. NEW TRENDS IN FINANCE AND ACCOUNTING, 2017, : 723 - 732
[6] Debt Maturity: Is Long-Term Debt Optimal?
Alfaro, Laura
Kanczuk, Fabio
[J]. REVIEW OF INTERNATIONAL ECONOMICS, 2009, 17 (05) : 890 - 905
[7] Corporate financialization and the long-term use of short-term debt: Evidence from China
Chen, Yan
Sun, Ruiqi
[J]. FINANCE RESEARCH LETTERS, 2023, 58
[8] Exploring the determinants and long-term performance outcomes of corporate carbon strategies
Damert, Matthias
Paul, Arijit
Baumgartner, Rupert J.
[J]. JOURNAL OF CLEANER PRODUCTION, 2017, 160 : 123 - 138
[9] State ownership and the cost of debt: Evidence from corporate bond issuances in China
Ge, Yao
Liu, Yangshu
Qiao, Zheng
Shen, Zhe
[J]. RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE, 2020, 52
[10] THE CURRENCY DENOMINATION OF LONG-TERM DEBT IN THE CANADIAN CORPORATE SECTOR - AN EMPIRICAL-ANALYSIS
JOHNSON, D
[J]. JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 1988, 7 (01) : 77 - 90

← 1 2 3 4 5 →