The choice among bank debt, non-bank private debt, and public debt: evidence from new corporate borrowings
Author
Abstract
Suggested Citation
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Guedes, Jose & Opler, Tim, 1996. "The Determinants of the Maturity of Corporate Debt Issues," Journal of Finance, American Finance Association, vol. 51(5), pages 1809-1833, December.
- Cantillo, Miguel & Wright, Julian, 2000.
"How Do Firms Choose Their Lenders? An Empirical Investigation,"
Review of Financial Studies, Society for Financial Studies, vol. 13(1), pages 155-189.
- Miguel Cantillo & Julian Wright, 1998. "How Do Firms Choose Their Lenders? An Empirical Investigation," Finance 9803007, University Library of Munich, Germany.
- Cantillo, Miguel & Wright, Julian, 2000. "HOw Do Firms Choose Their Leaders? An Empirical Investigation," Research Program in Finance, Working Paper Series qt8sd393sj, Research Program in Finance, Institute for Business and Economic Research, UC Berkeley.
- Miguel Cantillo and Julian Wright., 2000. "How Do Firms Choose Their Lenders? An Empirical Investigation," Research Program in Finance Working Papers RPF-256-Rev, University of California at Berkeley.
- Lummer, Scott L. & McConnell, John J., 1989. "Further evidence on the bank lending process and the capital-market response to bank loan agreements," Journal of Financial Economics, Elsevier, vol. 25(1), pages 99-122, November.
- Christopher James & David C. Smith, 2000. "Are Banks Still Special? New Evidence on Their Role in the Corporate Capital‐Raising Process," Journal of Applied Corporate Finance, Morgan Stanley, vol. 13(1), pages 52-63, March.
- Stulz, ReneM., 1990. "Managerial discretion and optimal financing policies," Journal of Financial Economics, Elsevier, vol. 26(1), pages 3-27, July.
- Charles J. Hadlock & Christopher M. James, 2002. "Do Banks Provide Financial Slack?," Journal of Finance, American Finance Association, vol. 57(3), pages 1383-1419, June.
- Chemmanur, Thomas J & Fulghieri, Paolo, 1994.
"Reputation, Renegotiation, and the Choice between Bank Loans and Publicly Traded Debt,"
Review of Financial Studies, Society for Financial Studies, vol. 7(3), pages 475-506.
- Chemmanur, T.J. & Fulghieri, P., 1992. "Reputation, Renegotiation, and the Choice Between Bank Loans and Publicity Traded Debt," Papers 92-24, Columbia - Graduate School of Business.
- Mikkelson, Wayne H. & Partch, M. Megan, 1986. "Valuation effects of security offerings and the issuance process," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 31-60.
- Douglas W. Diamond, 1984. "Financial Intermediation and Delegated Monitoring," Review of Economic Studies, Oxford University Press, vol. 51(3), pages 393-414.
- Campbell, Tim S & Kracaw, William A, 1980. "Information Production, Market Signalling, and the Theory of Financial Intermediation," Journal of Finance, American Finance Association, vol. 35(4), pages 863-882, September.
- Willard T. Carleton & Simon H. Kwan, 1995. "The role of private placement debt issues in corporate finance," Working Papers in Applied Economic Theory 95-13, Federal Reserve Bank of San Francisco.
- Zwiebel, Jeffrey, 1996. "Dynamic Capital Structure under Managerial Entrenchment," American Economic Review, American Economic Association, vol. 86(5), pages 1197-1215, December.
- Barclay, Michael J & Smith, Clifford W, Jr, 1995. "The Maturity Structure of Corporate Debt," Journal of Finance, American Finance Association, vol. 50(2), pages 609-631, June.
- Shane A. Johnson, 2003. "Debt Maturity and the Effects of Growth Opportunities and Liquidity Risk on Leverage," Review of Financial Studies, Society for Financial Studies, vol. 16(1), pages 209-236.
- Welch, Ivo, 1997. "Why Is Bank Debt Senior? A Theory of Asymmetry and Claim Priority Based on Influence Costs," Review of Financial Studies, Society for Financial Studies, vol. 10(4), pages 1203-1236.
- Myers, Stewart C., 1984. "Capital structure puzzle," Working papers 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
- Gertner, Robert & Scharfstein, David, 1991.
"A Theory of Workouts and the Effects of Reorganization Law,"
Journal of Finance, American Finance Association, vol. 46(4), pages 1189-1222, September.
- Robert Gertner & David Scharfstein, 1991. "A Theory of Workouts and the Effects of Reorganization Law," NBER Technical Working Papers 0103, National Bureau of Economic Research, Inc.
- Myers, Stewart C, 1984. "The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-592, July.
- Berlin, Mitchell & Loeys, Jan, 1988. " Bond Covenants and Delegated Monitoring," Journal of Finance, American Finance Association, vol. 43(2), pages 397-412, June.
- Fama, Eugene F., 1985. "What's different about banks?," Journal of Monetary Economics, Elsevier, vol. 15(1), pages 29-39, January.
- Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc.
- James, Christopher, 1987. "Some evidence on the uniqueness of bank loans," Journal of Financial Economics, Elsevier, vol. 19(2), pages 217-235, December.
- Johnson, Shane A., 1997. "An Empirical Analysis of the Determinants of Corporate Debt Ownership Structure," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 32(1), pages 47-69, March.
- Berger, Philip G & Ofek, Eli & Yermack, David L, 1997.
"Managerial Entrenchment and Capital Structure Decisions,"
Journal of Finance, American Finance Association, vol. 52(4), pages 1411-1438, September.
- Philip E. Berger & Eli Ofek & David Yermack, 1996. "Managerial Entrenchment and Capital Structure Decisions," New York University, Leonard N. Stern School Finance Department Working Paper Seires 96-14, New York University, Leonard N. Stern School of Business-.
- Boyd, John H. & Prescott, Edward C., 1986.
"Financial intermediary-coalitions,"
Journal of Economic Theory, Elsevier, vol. 38(2), pages 211-232, April.
- John H. Boyd & Edward C. Prescott, 1985. "Financial intermediary-coalitions," Staff Report 87, Federal Reserve Bank of Minneapolis.
- Leland, Hayne E & Pyle, David H, 1977.
"Informational Asymmetries, Financial Structure, and Financial Intermediation,"
Journal of Finance, American Finance Association, vol. 32(2), pages 371-387, May.
- Hayne E. Leland and David H. Pyle., 1976. "Informational Asymmetries, Financial Structure, and Financial Intermediation," Research Program in Finance Working Papers 41, University of California at Berkeley.
- Graham, John R. & Harvey, Campbell R., 2001. "The theory and practice of corporate finance: evidence from the field," Journal of Financial Economics, Elsevier, vol. 60(2-3), pages 187-243, May.
- Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
- Mark Carey & Mitch Post & Steven A. Sharpe, 1998.
"Does Corporate Lending by Banks and Finance Companies Differ? Evidence on Specialization in Private Debt Contracting,"
Journal of Finance,
American Finance Association, vol. 53(3), pages 845-878, June.
- Mark S. Carey & Mitchell A. Post & Steven A. Sharpe, 1996. "Does corporate lending by banks and finance companies differ? Evidence on specialization in private debt contracting," Finance and Economics Discussion Series 96-25, Board of Governors of the Federal Reserve System (US).
- Rajan, Raghuram & Winton, Andrew, 1995. "Covenants and Collateral as Incentives to Monitor," Journal of Finance, American Finance Association, vol. 50(4), pages 1113-1146, September.
- Houston, Joel & James, Christopher, 1996. "Bank Information Monopolies and the Mix of Private and Public Debt Claims," Journal of Finance, American Finance Association, vol. 51(5), pages 1863-1889, December.
- Blackwell, David W. & Kidwell, David S., 1988. "An investigation of cost differences between public sales and private placements of debt," Journal of Financial Economics, Elsevier, vol. 22(2), pages 253-278, December.
- Krishnaswami, Sudha & Spindt, Paul A. & Subramaniam, Venkat, 1999. "Information asymmetry, monitoring, and the placement structure of corporate debt," Journal of Financial Economics, Elsevier, vol. 51(3), pages 407-434, March.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Ovtchinnikov, Alexei V., 2016.
"Debt decisions in deregulated industries,"
Journal of Corporate Finance, Elsevier, vol. 36(C), pages 230-254.
- Ovtchinnikov , Alexei V., 2013. "Debt Decisions in Deregulated Industries," HEC Research Papers Series 1000, HEC Paris.
- Alexei Ovtchinnikov, 2013. "Debt Decisions in Deregulated Industries," Working Papers hal-02011442, HAL.
- Wu, Xueping & Sercu, Piet & Yao, Jun, 2009. "Does competition from new equity mitigate bank rent extraction? Insights from Japanese data," Journal of Banking & Finance, Elsevier, vol. 33(10), pages 1884-1897, October.
- Uday Chandra & Nandkumar (Nandu) Nayar, 2008. "The Information Content of Private Debt Placements," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 35(9-10), pages 1164-1195.
- Datta, Sudip & Iskandar-Datta, Mai & Raman, Kartik, 2000. "Debt Structure Adjustments and Long-Run Stock Price Performance," Journal of Financial Intermediation, Elsevier, vol. 9(4), pages 427-453, October.
- Daniševská, P. & de Jong, A. & Verbeek, M.J.C.M., 2004. "Do Banks Influence the Capital Structure Choices of Firms?," ERIM Report Series Research in Management ERS-2004-040-F&A, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
- 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.
- Mehdi Nekhili, 1999. "Le choix du type et de la maturité de la dette par les firmes françaises," Working Papers CREGO 0990901, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
- Yu, Hai-Chin & Sopranzetti, Ben J. & Lee, Cheng-Few, 2012. "Multiple banking relationships, managerial ownership concentration and firm value: A simultaneous equations approach," The Quarterly Review of Economics and Finance, Elsevier, vol. 52(3), pages 286-297.
- Hai-Chin Yu & Ben Sopranzetti & Cheng-Few Lee, 2015. "The impact of banking relationships, managerial incentives, and board monitoring on corporate cash holdings: an emerging market perspective," Review of Quantitative Finance and Accounting, Springer, vol. 44(2), pages 353-378, February.
- Huang, Kershen & Shang, Chenguang, 2019. "Leverage, debt maturity, and social capital," Journal of Corporate Finance, Elsevier, vol. 54(C), pages 26-46.
- Jandik, Tomas & Makhija, Anil K., 2005. "The Impact of the Structure of Debt on Target Gains," Working Paper Series 2005-5, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
- Meneghetti, Costanza, 2012. "Managerial Incentives and the Choice between Public and Bank Debt," Journal of Corporate Finance, Elsevier, vol. 18(1), pages 65-91.
- Ozkan, Aydin & Ozkan, Neslihan, 2004. "Corporate cash holdings: An empirical investigation of UK companies," Journal of Banking & Finance, Elsevier, vol. 28(9), pages 2103-2134, September.
- N. Berger, Allen & F. Udell, Gregory, 1998.
"The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle,"
Journal of Banking & Finance, Elsevier, vol. 22(6-8), pages 613-673, August.
- Allen N. Berger & Gregory F. Udell, 1998. "The economics of small business finance: the roles of private equity and debt markets in the financial growth cycle," Finance and Economics Discussion Series 1998-15, Board of Governors of the Federal Reserve System (U.S.).
- Harvey, Campbell R. & Lins, Karl V. & Roper, Andrew H., 2004.
"The effect of capital structure when expected agency costs are extreme,"
Journal of Financial Economics, Elsevier, vol. 74(1), pages 3-30, October.
- Campbell R. Harvey & Karl V. Lins & Andrew H. Roper, 2001. "The Effect of Capital Structure When Expected Agency Costs are Extreme," NBER Working Papers 8452, National Bureau of Economic Research, Inc.
- Michael Faulkender & Mitchell A. Petersen, 2006.
"Does the Source of Capital Affect Capital Structure?,"
Review of Financial Studies, Society for Financial Studies, vol. 19(1), pages 45-79.
- Michael Faulkender & Mitchell A. Petersen, 2003. "Does the source of capital affect capital structure?," Proceedings 858, Federal Reserve Bank of Chicago.
- Michael Faulkender & Mitchell A. Petersen, 2003. "Does the Source of Capital Affect Capital Structure?," NBER Working Papers 9930, National Bureau of Economic Research, Inc.
- Gomes, Armando & Phillips, Gordon, 2012.
"Why do public firms issue private and public securities?,"
Journal of Financial Intermediation, Elsevier, vol. 21(4), pages 619-658.
- Armando Gomes & Gordon Phillips, 2005. "Why Do Public Firms Issue Private and Public Securities?," NBER Working Papers 11294, National Bureau of Economic Research, Inc.
- Uday Chandra & Nandkumar (Nandu) Nayar, 2008. "The Information Content of Private Debt Placements," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 35(9‐10), pages 1164-1195, November.
- Nancy Huyghebaert & Linda M. Van de Gucht, 2007. "The Determinants of Financial Structure: New Insights from Business Start‐ups," European Financial Management, European Financial Management Association, vol. 13(1), pages 101-133, January.
- Chong, Beng Soon, 2010. "The impact of divergence in voting and cash-flow rights on the use of bank debt," Pacific-Basin Finance Journal, Elsevier, vol. 18(2), pages 158-174, April.
- Hale, Galina & Santos, João A.C., 2008. "The decision to first enter the public bond market: The role of firm reputation, funding choices, and bank relationships," Journal of Banking & Finance, Elsevier, vol. 32(9), pages 1928-1940, September.
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jfinec:v:70:y:2003:i:1:p:3-28. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: . General contact details of provider: http://www.elsevier.com/locate/inca/505576 .
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/505576 .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.