کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
960925 | 929756 | 2009 | 21 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Corporate debt issues and interest rate risk management: Hedging or market timing?
دانلود مقاله + سفارش ترجمه
دانلود مقاله ISI انگلیسی
رایگان برای ایرانیان
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
![عکس صفحه اول مقاله: Corporate debt issues and interest rate risk management: Hedging or market timing? Corporate debt issues and interest rate risk management: Hedging or market timing?](/preview/png/960925.png)
چکیده انگلیسی
Apart from the obvious reasons for raising capital, a firm can hedge its interest rate exposure by issuing debt, the value of which moves in an opposite direction from the value of its assets as interest rate varies. We examine whether firms in the UK market make full use of debt issuances for hedging purposes or if they have other considerations. Our evidence shows that firms' choices of debt issues are primarily driven by debt market conditions in an effort to lower their costs of capital rather than managing their firm-specific interest rate exposures. This suggests that market timing, as opposed to hedging, is the primary motivation behind corporate debt issuances.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Markets - Volume 12, Issue 3, August 2009, Pages 500-520
Journal: Journal of Financial Markets - Volume 12, Issue 3, August 2009, Pages 500-520
نویسندگان
Antonios Antoniou, Huainan Zhao, Bilei Zhou,