[PDF] Top 20 Leverage and the Maturity Structure of Debt in Emerging Markets

... the leverage equation but not for the ma- turity ...of debt is different between the two ...its debt than to adjust its leverage ...target maturity is by no means costless and ... See full document

... between leverage, debt maturity and firm performance, employing a large panel of Chinese non-financial listed ...the debt and maturity structures are important mechanisms for addressing ... See full document

... financial markets to foreign investors and institutions is a key structural change in emerging ...of emerging market ...bond markets, firms increase their long-term debt and extend ... See full document

... capital structure, is expected to impact cost of ...companies. Leverage is measured as the ratio of total liabilities to total ...of debt due to credit bargaining and restructuring constraints, as ... See full document

... capital structure plays an important role in financial management and managers have to decide on the optimal mixture of debt, hybrid securities and equity for firms to finance their assets (Saad, 2010; San ... See full document

... on debt maturity is statistically significant at 10% level (p- ...below-median leverage but remains insignificant for other observations with above-median ...high leverage weakens the positive ... See full document

... their debt maturity is positively related to the strong investor protection and creditors’ rights, in classical tax system and when the personal tax cost is ...low leverage, ...corporate debt ... See full document

... chooses debt or equity in financing its investments had no impact on the value of the ...through debt in the investments. Interest on debt is tax deductible and provides a benefit (tax shield) that ... See full document

... the debt, the bigger the tax shield and, thus, the optimal debt ratio should be ...ZZ leverage model does not take interest rate into account for two ...the debt risk, thus the debt ... See full document

... increases, leverage decreases. We confirm our hypothesis that leverage is negatively related to ...coefficient. Leverage is higher for large firms and lower for small ...the debt market. ... See full document

... the markets for sovereign debt issued by emerging ...of emerging countries’ debt held by foreign investors (at the aggregate level, ...that debt, with the former being the cause ... See full document

... corporate leverage proxied with DER partially has no effect on YTM, thus these results contradict the hypothesis statement made earlier that leverage is thought to have a positive effect on YTM bonds ... See full document

... and leverage. Big companies are credible in money markets and their agency cost of debt is at a lower ...use debt (Rajan and Zigales, 1995; Jaggi and Gül, 1999; Bhaduri, 2002; Brierly and ... See full document

... of leverage, there has been relatively limited research on small ...equity markets (Van Auken and Holman, ...concentrated markets and have greater competitive ...long-term debt because of the ... See full document

... The underlying study will investigate the transparency perspective and fi- nancing choices perspective of family controlled firms. The study will provide insight regarding the financing choice decisions and financial ... See full document

... in debt maturity ...a maturity structure can lead to inefficiencies: First, it can cause a choice of inefficiently short maturities when existing creditors can be diluted through issuance of ... See full document

... mortgage debt of dwellings based on its location on a provincial ...mortgage debt among all provinces calculated in this indirect way is ...card debt or personal ...the structure of other ... See full document

... capital structure in the GCC countries is very limited, with a few exceptions (Al- Ajmi et ...developing emerging markets and tests for the portability of the capital structure theories to ... See full document

... DOI: 10.4236/tel.2018.85062 867 Theoretical Economics Letters cerning the application of perpetuity limit of the modern theory of capital structure—BFO theory (MM theory) in rating have been done. In Section 5, we ... See full document

... technological structure and the crisis gets global status as the result of financialization of global ...technological structure creates opportunities for technological development of the periphery ... See full document