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The sources of debt matter, too.
~
Liu, Yang.
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The sources of debt matter, too.
紀錄類型:
書目-電子資源 : Monograph/item
正題名/作者:
The sources of debt matter, too./
作者:
Liu, Yang.
面頁冊數:
126 p.
附註:
Source: Dissertation Abstracts International, Volume: 65-04, Section: A, page: 1437.
Contained By:
Dissertation Abstracts International65-04A.
標題:
Business Administration, General. -
電子資源:
http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3131189
The sources of debt matter, too.
Liu, Yang.
The sources of debt matter, too.
- 126 p.
Source: Dissertation Abstracts International, Volume: 65-04, Section: A, page: 1437.
Thesis (Ph.D.)--University of Washington, 2004.
This dissertation shows that not only the amount of debt but also the sources of debt affect a firm's financial decisions through the control of information asymmetry and asset substitution. In particular, it examines the effects of outstanding bank loans, loans from non-bank financial intermediaries, and unused bank lines of credit on a firm's cash holdings, asset risk, and investment. I find that different types of debt have distinctive effects on a firm's financial decisions. Outstanding bank loans decrease a firm's asset risk and increase investment; non-bank private debt decreases a firm's asset risk and investment; and unused bank lines of credit decrease a firm's cash holdings and asset risk and increase a firm's investment. The evidence shows that bank borrowing reduces both information asymmetry and asset substitution but non-bank private borrowing reduces only asset substitution. It suggests that firm-bank deposit relationships facilitate the production of information. In addition, I find that outstanding private borrowing has a stronger effect in reducing asset risk in mature firms than in young firms. To deal with the endogeneity problem associated with private financing, I also examine the determinants of private borrowing. Firms with large information asymmetry borrow more from financial intermediaries than from public investors and more from banks than from non-bank financial intermediaries, and firms with more investment opportunities have more unused lines of credit.Subjects--Topical Terms:
1017457
Business Administration, General.
The sources of debt matter, too.
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Source: Dissertation Abstracts International, Volume: 65-04, Section: A, page: 1437.
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