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Debt Specialization
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DOI：10.1111/jofi.12052.png)
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Abstract
En 中文
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.
Keywords:
CAPITAL STRUCTURE
EMPIRICAL-ANALYSIS
LARGE SHAREHOLDERS
INFORMATION ASYMMETRY
OWNERSHIP STRUCTURE
PRIORITY STRUCTURE
CORPORATE-FINANCE
BANK LOANS
CREDIT
DETERMINANTS
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