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학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
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논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2014.4
- 수록면
- 89 - 103 (15page)
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초록· 키워드
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This paper examines the price reaction of loans relative to bonds prior to and surrounding information intensive events, such as corporate (loan and bond) defaults, nd bankruptcies using a unique dataset of daily secondary market prices of loans. Junk bonds have been portrayed as an important alternative source of debt finance for high-growth firms that rely extensively on bank debt. We study firms that reduced private debt by repaying bank loans with proceeds from junk bonds. The debt contracts differ dramatically, and the contractual restrictions in bank debt are tighter. Sample firms are profitable, but experience operating earnings declines just prior to the junk bond issues. The earnings declines further tighten restrictions in bank debt, and the firms have limited borrowing capacity under their existing bank revolvers. Our tests indicate that bank debt pay-downs enabled the firms to maintain their ability to grow rapidly. Alternative explanations for the pay-downs, such as managers" desire to avoid bank monitoring, have little support.
목차
ABSTRACT
Ⅰ. Introduction
Ⅱ. Financial Market Growth
Ⅲ. Data and sample selection
Ⅳ. Hypotheses and Empirical Study
Ⅴ. Conclusion
References
국문초록
참고문헌 (16)
참고문헌 신청
1. [단행본] - Altman, E. I. / 1993 / Corporate Financial Distress & Bankruptcy / John Wiley
2. [학술지(정기간행물)] - Altman, E. I. / 1996 / Almost everything you wanted to know about recoveries on defaulted bonds / Financial Analysts Journal : 57 ~ 64
3. [학술지(정기간행물)] - Berger, A. N. / 1995 / Relationship lending and lines of credit in small firm finance / Journal of Business 68 (3) : 351 ~ 381
4. [학술지(정기간행물)] - Billett, M. / 1995 / The effect of lender identity on a borrowing firm’s equity return / Journal of Finance 50 : 699 ~ 718
5. [학술지(정기간행물)] - Dahiya, S. / 2003 / Financial distress and bank lending relationships / Journal of Finance 58 : 375 ~ 399
2. [학술지(정기간행물)] - Altman, E. I. / 1996 / Almost everything you wanted to know about recoveries on defaulted bonds / Financial Analysts Journal : 57 ~ 64
3. [학술지(정기간행물)] - Berger, A. N. / 1995 / Relationship lending and lines of credit in small firm finance / Journal of Business 68 (3) : 351 ~ 381
4. [학술지(정기간행물)] - Billett, M. / 1995 / The effect of lender identity on a borrowing firm’s equity return / Journal of Finance 50 : 699 ~ 718
5. [학술지(정기간행물)] - Dahiya, S. / 2003 / Financial distress and bank lending relationships / Journal of Finance 58 : 375 ~ 399
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UCI(KEPA) : I410-ECN-0101-2015-320-002471478