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Debt Structure and Future Financing and Investment.

紀錄類型:	書目-語言資料,手稿 : Monograph/item
正題名/作者:	Debt Structure and Future Financing and Investment./
作者:	Flynn, Sean Joseph.
面頁冊數:	1 online resource (91 pages)
附註:	Source: Dissertation Abstracts International, Volume: 78-09(E), Section: A.
Contained By:	Dissertation Abstracts International78-09A(E).
標題:	Finance. -
電子資源:	click for full text (PQDT)
ISBN:	9781369742725

Debt Structure and Future Financing and Investment.
Flynn, Sean Joseph.

Debt Structure and Future Financing and Investment. - 1 online resource (91 pages)

Source: Dissertation Abstracts International, Volume: 78-09(E), Section: A.

Thesis (Ph.D.)

Includes bibliographical references

I study the relation between firm debt structure and future external financing and investment. I find that greater reliance on long-term debt is associated with increased access to external financing and ability to undertake profitable investments. This contrasts with previous empirical results and theoretical predictions from the agency cost literature, but it is consistent with predictions regarding rollover risk. Furthermore, I find that firms with lower total debt (high debt capacity) have greater access to new financing and investment. Lower leverage increases future debt issues and capital expenditures, and firms do not fully rebalance by reducing the use of external financing sources such as equity. Finally, my results support the view that greater reliance on unsecured debt can increase future debt financing. Overall, my paper offers new insights into how aspects of debt structure, in particular maturity, are related ex-post to firms' ability to raise new financing and invest.

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

Mode of access: World Wide Web

ISBN: 9781369742725Subjects--Topical Terms:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

Debt Structure and Future Financing and Investment.
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100 1 $a Flynn, Sean Joseph. $3 1180708
245 1 0 $a Debt Structure and Future Financing and Investment.
264 0 $c 2017
300 $a 1 online resource (91 pages)
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500 $a Source: Dissertation Abstracts International, Volume: 78-09(E), Section: A.
500 $a Adviser: Yuri Tserlukevich.
502 $a Thesis (Ph.D.) $c Arizona State University $d 2017.
504 $a Includes bibliographical references
520 $a I study the relation between firm debt structure and future external financing and investment. I find that greater reliance on long-term debt is associated with increased access to external financing and ability to undertake profitable investments. This contrasts with previous empirical results and theoretical predictions from the agency cost literature, but it is consistent with predictions regarding rollover risk. Furthermore, I find that firms with lower total debt (high debt capacity) have greater access to new financing and investment. Lower leverage increases future debt issues and capital expenditures, and firms do not fully rebalance by reducing the use of external financing sources such as equity. Finally, my results support the view that greater reliance on unsecured debt can increase future debt financing. Overall, my paper offers new insights into how aspects of debt structure, in particular maturity, are related ex-post to firms' ability to raise new financing and invest.
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 Arizona State University. $b Business Administration. $3 1179476
773 0 $t Dissertation Abstracts International $g 78-09A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10272408 $z click for full text (PQDT)