Determinants of the development of corporate bond markets in Argentina: survey to firms and investors
AbstractConventional theory leads to expect bonds to be a financing vehicle for large firms because of economies of scale and contracting costs. In this paper we present the results for Argentina of a survey of firms and of investors on the use of corporate bonds. The result of these surveys supports the idea that for Argentine firms, bonds are a financing vehicle of choice only for firms above a certain (large) size. This is independent of the criteria used for firm size. This result is similar to results in other countries such as the United Sates.
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Bibliographic InfoPaper provided by Universidad del CEMA in its series CEMA Working Papers: Serie Documentos de Trabajo. with number 345.
Length: 40 pages
Date of creation: Apr 2007
Date of revision:
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debt structure; leverage; short-term debt; corporate bonds; firm size; firm value;
Find related papers by JEL classification:
- G3 - Financial Economics - - Corporate Finance and Governance
- E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-06-11 (All new papers)
- NEP-LAM-2007-06-11 (Central & South America)
- NEP-MAC-2007-06-11 (Macroeconomics)
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- Roque B. Fernández & Sergio Pernice & Jorge M. Streb, 2007. "Determinants of the development of corporate bond markets in Argentina: One size does not fit all," CEMA Working Papers: Serie Documentos de Trabajo. 348, Universidad del CEMA.
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