Capital market access and corporate loan structure
Khang, K. ; King, T. D.
Applied Economics, 27 October 2014, p.1-24 [Peer Reviewed Journal]Routledge
- to examine whether the level of access to external capital markets influences the structure of private debt contracts or corporate loans
- provides evidence that access influences loan structure in ways consistent with having greater or fewer financing alternatives as well as theories on information asymmetry, agency and monitoring
- provide a comprehensive examination of loan characteristics across access categories
- the hypotheses regarding the relation between access and loan structure
- borrower access to public financial markets influences firm behaviour
- access influences the number of facilities in a loan package
- Access also influences lender structure. Less access means less scrutiny by the financial markets
No comments:
Post a Comment