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دسته بندی:
مدیریت مالی - Financial Management
سال انتشار:
2018
عنوان انگلیسی مقاله:
Liquidity risk and maturity management over the credit cycle
ترجمه فارسی عنوان مقاله:
خطر سیالیت و مدیریت سررسید در چرخه اعتبار
منبع:
Journal of Financial Economics Volume 127, Issue 2, February 2018, Pages 264-284
نویسنده:
Atif Mian, João A.C. Santos
چکیده انگلیسی:
We show that firm demand-side factors are strong drivers of procyclical refinancing behavior over the credit cycle using novel data from the Shared National Credit program. Firms are more likely to refinance early when credit conditions are good to keep the effective maturity of their loans long and hedge against having to refinance in tight credit conditions. High credit quality firms are better able to hedge, making their refinancing propensity more sensitive to credit cycles than less creditworthy firms. There is a strong relationship between refinancing a loan, and subsequent growth in capital expenditure, especially when a loan is refinanced early.
keywords: Liquidity risk |Maturity management |Loan refinancing
قیمت: رایگان
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