English, Article, Journal or magazine article edition: Large debt financing: syndicated loans versus corporate bonds. Yener Altunbaş; Alper Kara; David Marqués-Ibáñez

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Bookmark: http://trove.nla.gov.au/version/211409
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Large debt financing: syndicated loans versus corporate bonds.
Author
  • Yener Altunbaş
  • Alper Kara
  • David Marqués-Ibáñez
Physical Description
  • preprint
Notes
  • Following the introduction of the euro, the markets for large debt financing experienced a historical expansion. We investigate the financial factors behind the issuance of syndicated loans for an extensive sample of euro area non-financial corporations. For the first time we compare these factors to those of its major competitor: the corporate bond market. We find that large firms, with greater financial leverage, more (verifiable) profits and higher liquidation values tend to prefer syndicated loans. In contrast, firms with larger levels of short-term debt and those perceived by markets as having more growth opportunities favour financing through corporate bonds. JEL Classification: D40, F30, G21.
  • syndicated loans, corporate bonds, debt choice, the euro.
  • RePEc:ecb:ecbwps:200901028
Language
  • English
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