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Debt in Tiered-Production Networks.

Charoenwong, Ben.

Debt in Tiered-Production Networks.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Debt in Tiered-Production Networks./
Author:	Charoenwong, Ben.
Description:	1 online resource (116 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 78-12(E), Section: A.
Contained By:	Dissertation Abstracts International78-12A(E).
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9780355077483

Debt in Tiered-Production Networks.
Charoenwong, Ben.

Debt in Tiered-Production Networks. - 1 online resource (116 pages)

Source: Dissertation Abstracts International, Volume: 78-12(E), Section: A.

Thesis (Ph.D.)

Includes bibliographical references

Firms simultaneously choose sourcing and capital structure, forming a production network and imbuing it with credit risk. When firms increase leverage, they offload the increased financial risk by diversifying their supply. Suppliers that default do not deliver products to customers, so risky debt upstream reduces expected production downstream. The risky debt and supplier reliance introduce debt overhang in tiered production. The overhang affects equilibrium pricing within the network and decreases the aggregate firm value relative to a riskless benchmark. Because of the network structure, increasing competition among suppliers generates ambiguous effects on final output and may not alleviate the debt-overhang problem. Empirically, I instrument for changes in leverage with changes in corporate tax rates and find a 1.4-percentage-point increase in leverage leads to a 10% higher chance of adding an additional supplier.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780355077483Subjects--Topical Terms:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

Debt in Tiered-Production Networks.
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040 $a MiAaPQ $b eng $c MiAaPQ
099 $a TUL $f hyy $c available through World Wide Web
100 1 $a Charoenwong, Ben. $3 1180695
245 1 0 $a Debt in Tiered-Production Networks.
264 0 $c 2017
300 $a 1 online resource (116 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
500 $a Source: Dissertation Abstracts International, Volume: 78-12(E), Section: A.
500 $a Advisers: Amit Seru; Gregor Matvos.
502 $a Thesis (Ph.D.) $c The University of Chicago $d 2017.
504 $a Includes bibliographical references
520 $a Firms simultaneously choose sourcing and capital structure, forming a production network and imbuing it with credit risk. When firms increase leverage, they offload the increased financial risk by diversifying their supply. Suppliers that default do not deliver products to customers, so risky debt upstream reduces expected production downstream. The risky debt and supplier reliance introduce debt overhang in tiered production. The overhang affects equilibrium pricing within the network and decreases the aggregate firm value relative to a riskless benchmark. Because of the network structure, increasing competition among suppliers generates ambiguous effects on final output and may not alleviate the debt-overhang problem. Empirically, I instrument for changes in leverage with changes in corporate tax rates and find a 1.4-percentage-point increase in leverage leads to a 10% higher chance of adding an additional supplier.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Finance. $3 559073
655 7 $a Electronic books. $2 local $3 554714
690 $a 0508
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a The University of Chicago. $b Business. $3 1179073
773 0 $t Dissertation Abstracts International $g 78-12A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10269801 $z click for full text (PQDT)

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