東華大學圖書館 |

Language: English

Help

回圖書館首頁

手機版館藏查詢

Back

Switch To: Labeled | MARC Mode | ISBD

Three Essays on Corporate Debt.

Nguyen, Ca.

Linked to FindBook

Google Book

Amazon

博客來

Three Essays on Corporate Debt.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Three Essays on Corporate Debt./
Author:	Nguyen, Ca.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2019,
Description:	179 p.
Notes:	Source: Dissertations Abstracts International, Volume: 80-12, Section: A.
Contained By:	Dissertations Abstracts International80-12A.
Subject:	Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=13882819
ISBN:	9781392181898

Three Essays on Corporate Debt.
Nguyen, Ca.

Three Essays on Corporate Debt. - Ann Arbor : ProQuest Dissertations & Theses, 2019 - 179 p.

Source: Dissertations Abstracts International, Volume: 80-12, Section: A.

Thesis (Ph.D.)--The University of Texas at San Antonio, 2019.

This item must not be added to any third party search indexes.

This dissertation studies the behaviors of banks and borrowing firms in the corporate debt markets. The first essay examines the probability of exit for different types of investors in the syndicated loan market, as well as how the entry and exit of different types of investors is associated with changes in loan characteristics. Nonbanks, particularly CLOs, closed-end funds, and mutual funds, are more likely than bank lenders to exit the syndicate rather than to participate in the renegotiated loan. For mutual funds, greater net fund outflows imply a greater likelihood of exit, and this finding is consistent with nonbank lending creating greater systemic risk (Stein, 2013). For most nonbanks, the likelihood of an exit increases if the financial condition of the borrower improves and the potential for higher spreads wanes. Controlling for borrower risk, the addition of most nonbank institutions, in contrast to banks, is accompanied by an increase in loan spreads, but no significant increase in the number or tightness of covenants. The second essay explores the variation in maturity of new debt issues and examines firms' substitution between private and public debt. Prior literature suggests that both debt maturity and debt choice are endogenously determined by common firm fundamentals. Using instrumental variable analyses and simultaneous equation estimation, this study isolates the exogenous component of the debt maturity and choice of debt sources. Borrowing firms' asset maturity and effective tax rate are used to instrument for the debt maturity, while bank competition and bank liquidity in the borrowers' state are used to instrument for the debt choice. This study provides evidence for causality in both directions; firms which seek to increase the borrowing term by one standard deviation (equivalent with 5 years for an average debt issue) are 8% less likely to choose private bank loans, while firms which prefer private debt to public source tend to have shorter maturity by 49 months. The third essay analyzes the determinants and implications of confidentiality strictness in loan credit agreements. Borrowing firms which have higher R&D and operate in more competitive product markets have tighter confidentiality policies. Furthermore, confidentiality strictness is negatively associated with the probability of a loan including financial covenants, especially capital-based covenants. Loan contracts for borrowing firms with stricter confidentiality, on average, are more relaxed, as evidenced by fewer covenants and a lower ex-ante probability of covenant violation. The results remain robust with the inclusion of various measures of market competition, suggesting that confidentiality strictness reflects unobservable strategic information pertaining to borrowing firms' potential exposure to the competitive environment. This greater sensitivity to competition improves corporate governance and consequently loosens bank loan monitoring.

ISBN: 9781392181898Subjects--Topical Terms:

542899
Finance.
Subjects--Index Terms:

Confidentiality

Three Essays on Corporate Debt.
LDR:04271nmm a2200397 4500 001 2266048
005 20200608113722.5
008 220629s2019 ||||||||||||||||| ||eng d
020 $a 9781392181898
035 $a (MiAaPQ)AAI13882819
035 $a (MiAaPQ)utsa:12840
035 $a AAI13882819
040 $a MiAaPQ $c MiAaPQ
100 1 $a Nguyen, Ca. $3 3543233
245 1 0 $a Three Essays on Corporate Debt.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2019
300 $a 179 p.
500 $a Source: Dissertations Abstracts International, Volume: 80-12, Section: A.
500 $a Publisher info.: Dissertation/Thesis.
500 $a Advisor: Wald, John.
502 $a Thesis (Ph.D.)--The University of Texas at San Antonio, 2019.
506 $a This item must not be added to any third party search indexes.
506 $a This item must not be sold to any third party vendors.
520 $a This dissertation studies the behaviors of banks and borrowing firms in the corporate debt markets. The first essay examines the probability of exit for different types of investors in the syndicated loan market, as well as how the entry and exit of different types of investors is associated with changes in loan characteristics. Nonbanks, particularly CLOs, closed-end funds, and mutual funds, are more likely than bank lenders to exit the syndicate rather than to participate in the renegotiated loan. For mutual funds, greater net fund outflows imply a greater likelihood of exit, and this finding is consistent with nonbank lending creating greater systemic risk (Stein, 2013). For most nonbanks, the likelihood of an exit increases if the financial condition of the borrower improves and the potential for higher spreads wanes. Controlling for borrower risk, the addition of most nonbank institutions, in contrast to banks, is accompanied by an increase in loan spreads, but no significant increase in the number or tightness of covenants. The second essay explores the variation in maturity of new debt issues and examines firms' substitution between private and public debt. Prior literature suggests that both debt maturity and debt choice are endogenously determined by common firm fundamentals. Using instrumental variable analyses and simultaneous equation estimation, this study isolates the exogenous component of the debt maturity and choice of debt sources. Borrowing firms' asset maturity and effective tax rate are used to instrument for the debt maturity, while bank competition and bank liquidity in the borrowers' state are used to instrument for the debt choice. This study provides evidence for causality in both directions; firms which seek to increase the borrowing term by one standard deviation (equivalent with 5 years for an average debt issue) are 8% less likely to choose private bank loans, while firms which prefer private debt to public source tend to have shorter maturity by 49 months. The third essay analyzes the determinants and implications of confidentiality strictness in loan credit agreements. Borrowing firms which have higher R&D and operate in more competitive product markets have tighter confidentiality policies. Furthermore, confidentiality strictness is negatively associated with the probability of a loan including financial covenants, especially capital-based covenants. Loan contracts for borrowing firms with stricter confidentiality, on average, are more relaxed, as evidenced by fewer covenants and a lower ex-ante probability of covenant violation. The results remain robust with the inclusion of various measures of market competition, suggesting that confidentiality strictness reflects unobservable strategic information pertaining to borrowing firms' potential exposure to the competitive environment. This greater sensitivity to competition improves corporate governance and consequently loosens bank loan monitoring.
590 $a School code: 1283.
650 4 $a Finance. $3 542899
650 4 $a Banking. $2 bicssc $3 1557594
653 $a Confidentiality
653 $a Debt maturity
653 $a Loan renegotiation
653 $a Nonbank institutional investors
653 $a Syndicated loans
690 $a 0508
690 $a 0770
710 2 $a The University of Texas at San Antonio. $b Finance. $3 1671755
773 0 $t Dissertations Abstracts International $g 80-12A.
790 $a 1283
791 $a Ph.D.
792 $a 2019
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=13882819