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Are the distinctions between debt and equity disappearing? An overview

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  • Richard W. Kopcke
  • Eric S. Rosengren

Abstract

uring the 1980s, the proportion of business assets financed by debt exceeded that of any other period since World War II. The characteristics of financial securities also changed, as junk bonds, variants of preferred stock, warrants, and other forms of mezzanine financing became more common in credit markets and in private loan contracts. Furthermore, the potential risks and returns offered by all securities have been altered as otherwise familiar financial instruments increasingly contain novel options. ; These innovations have challenged the traditional financial and legal distinctions between debt and equity. To examine the changes in business financing, their causes and the implications for public policy, the Federal Reserve Bank of Boston in the fall of 1989 sponsored a conference of academics, lawyers, investment bankers, economists, and government officials. This article offers an overview of the conference papers and the discussants’ remarks.

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File URL: http://www.bostonfed.org/economic/conf/conf33/conf33a.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of Boston in its journal Conference Series ; [Proceedings].

Volume (Year): 33 (1989)
Issue (Month): ()
Pages: 1-11

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Handle: RePEc:fip:fedbcp:y:1989:p:1-11:n:33

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Keywords: Debt ; Securities ; Corporations - Finance ; Public policy;

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Cited by:
  1. Christophe Moussu, 2000. "Endettement, accords implicites et capital organisationnel: vers une théorie organisationnelle de la structure financière," Working Papers CREGO 1000602, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
  2. Alan J. Auerbach & Kevin A. Hassett, 2000. "On the Marginal Source of Investment Funds," NBER Working Papers 7821, National Bureau of Economic Research, Inc.
  3. Gérard Charreaux & Philippe Desbrières, 1997. "Gouvernance des entreprises:valeur partenariale contre valeur actionnariale," Working Papers CREGO 0970801, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
  4. Mehdi Nekhili, 1999. "Le choix du type et de la maturité de la dette par les firmes françaises," Revue Finance Contrôle Stratégie, revues.org, vol. 2(3), pages 179-206, September.
  5. Peter MacKay & Gordon M. Phillips, 2002. "Is There an Optimal Industry Financial Structure?," NBER Working Papers 9032, National Bureau of Economic Research, Inc.

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