Debt Specialization

被引：219

作者：

Colla, Paolo ^{[1
]}

Ippolito, Filippo ^{[2
]}

Li, Kai ^{[3
]}

机构：

[1] Univ Bocconi, Milan, Italy

[2] Univ Pompeu Fabra, Barcelona, Spain

[3] Univ British Columbia, Vancouver, BC V5Z 1M9, Canada

来源：

JOURNAL OF FINANCE | 2013年 / 68卷 / 05期

关键词：

CAPITAL STRUCTURE; EMPIRICAL-ANALYSIS; LARGE SHAREHOLDERS; INFORMATION ASYMMETRY; OWNERSHIP STRUCTURE; PRIORITY STRUCTURE; CORPORATE-FINANCE; BANK LOANS; CREDIT; DETERMINANTS;

D O I：

10.1111/jofi.12052

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper examines debt structure using a new and comprehensive database on types of debt employed by public U.S. firms. We find that 85% of the sample firms borrow predominantly with one type of debt, and the degree of debt specialization varies widely across different subsampleslarge rated firms tend to diversify across multiple debt types, while small unrated firms specialize in fewer types. We suggest several explanations for why debt specialization takes place, and show that firms employing few types of debt have higher bankruptcy costs, are more opaque, and lack access to some segments of the debt markets.

引用

页码：2117 / 2141

页数：25

共 49 条

[1] Information asymmetry, R&D, and insider gains [J].