Matches in SemOpenAlex for { <https://semopenalex.org/work/W1797581819> ?p ?o ?g. }
Showing items 1 to 90 of
90
with 100 items per page.
- W1797581819 abstract "Economic theory, as well as commonly-stated views of practitioners, suggests that macroeconomic conditions can affect both the ability and manner in which firms raise external financing. Traditional theory focuses on the demand for capital and suggests that downturns are likely to be associated with a shift in the supply of securities toward less information sensitivity. Alternatively, financing could be affected by supply of capital in terms of both availability of funds and changes in investor preferences during periods of economic uncertainty. We evaluate these hypotheses on a large sample of publicly-traded debt issues, seasoned equity offers, and bank loans. We find that the issuance of convertibles and public bonds, especially those of higher quality, is counter-cyclical, while equity issues and private loans are pro-cyclical. This pattern is consistent with a credit crunch in intermediary capital and a shift towards relatively safe securities during recessions. Moreover, proceeds raised from investment grade bonds are more likely to be held in cash in recessions than in expansions. Poor market conditions also affect the structure of securities offered, shifting them towards shorter maturities and more security. Overall, these findings suggest that the channel through which macroeconomic conditions affect corporate finance is more likely to be the supply of capital rather than the demand." @default.
- W1797581819 created "2016-06-24" @default.
- W1797581819 creator A5008776744 @default.
- W1797581819 creator A5020160675 @default.
- W1797581819 creator A5033213947 @default.
- W1797581819 creator A5043249527 @default.
- W1797581819 date "2010-01-01" @default.
- W1797581819 modified "2023-09-23" @default.
- W1797581819 title "Macroeconomic Conditions and the Structure of Securities" @default.
- W1797581819 cites W1491287324 @default.
- W1797581819 cites W1579112106 @default.
- W1797581819 cites W1734762666 @default.
- W1797581819 cites W1966424482 @default.
- W1797581819 cites W1972465829 @default.
- W1797581819 cites W1975703787 @default.
- W1797581819 cites W1992277450 @default.
- W1797581819 cites W2000578291 @default.
- W1797581819 cites W2026948414 @default.
- W1797581819 cites W2039198113 @default.
- W1797581819 cites W2043219156 @default.
- W1797581819 cites W2047582865 @default.
- W1797581819 cites W2048534553 @default.
- W1797581819 cites W2063333733 @default.
- W1797581819 cites W2087178224 @default.
- W1797581819 cites W2088707108 @default.
- W1797581819 cites W2089596717 @default.
- W1797581819 cites W2099724718 @default.
- W1797581819 cites W2118889105 @default.
- W1797581819 cites W2125720994 @default.
- W1797581819 cites W2126424896 @default.
- W1797581819 cites W2133846920 @default.
- W1797581819 cites W2134443358 @default.
- W1797581819 cites W2140358882 @default.
- W1797581819 cites W2149987483 @default.
- W1797581819 cites W2161860268 @default.
- W1797581819 cites W2167623534 @default.
- W1797581819 cites W2176723585 @default.
- W1797581819 cites W3121150545 @default.
- W1797581819 cites W3121354669 @default.
- W1797581819 cites W3121721893 @default.
- W1797581819 cites W3121797308 @default.
- W1797581819 cites W3121912893 @default.
- W1797581819 cites W3122255740 @default.
- W1797581819 cites W3122550102 @default.
- W1797581819 cites W3123142049 @default.
- W1797581819 cites W3123911820 @default.
- W1797581819 cites W3124114405 @default.
- W1797581819 cites W3124650934 @default.
- W1797581819 cites W3125140669 @default.
- W1797581819 cites W3125640499 @default.
- W1797581819 cites W3148551660 @default.
- W1797581819 cites W2053041655 @default.
- W1797581819 doi "https://doi.org/10.2139/ssrn.1396355" @default.
- W1797581819 hasPublicationYear "2010" @default.
- W1797581819 type Work @default.
- W1797581819 sameAs 1797581819 @default.
- W1797581819 citedByCount "6" @default.
- W1797581819 countsByYear W17975818192012 @default.
- W1797581819 countsByYear W17975818192014 @default.
- W1797581819 countsByYear W17975818192016 @default.
- W1797581819 crossrefType "journal-article" @default.
- W1797581819 hasAuthorship W1797581819A5008776744 @default.
- W1797581819 hasAuthorship W1797581819A5020160675 @default.
- W1797581819 hasAuthorship W1797581819A5033213947 @default.
- W1797581819 hasAuthorship W1797581819A5043249527 @default.
- W1797581819 hasConcept C144133560 @default.
- W1797581819 hasConcept C162324750 @default.
- W1797581819 hasConcept C556758197 @default.
- W1797581819 hasConcept C73283319 @default.
- W1797581819 hasConceptScore W1797581819C144133560 @default.
- W1797581819 hasConceptScore W1797581819C162324750 @default.
- W1797581819 hasConceptScore W1797581819C556758197 @default.
- W1797581819 hasConceptScore W1797581819C73283319 @default.
- W1797581819 hasLocation W17975818191 @default.
- W1797581819 hasOpenAccess W1797581819 @default.
- W1797581819 hasPrimaryLocation W17975818191 @default.
- W1797581819 hasRelatedWork W1541807514 @default.
- W1797581819 hasRelatedWork W2009849666 @default.
- W1797581819 hasRelatedWork W2017743522 @default.
- W1797581819 hasRelatedWork W2034170613 @default.
- W1797581819 hasRelatedWork W2097500084 @default.
- W1797581819 hasRelatedWork W2108954098 @default.
- W1797581819 hasRelatedWork W2282046754 @default.
- W1797581819 hasRelatedWork W2767853895 @default.
- W1797581819 hasRelatedWork W2778542558 @default.
- W1797581819 hasRelatedWork W4255972572 @default.
- W1797581819 isParatext "false" @default.
- W1797581819 isRetracted "false" @default.
- W1797581819 magId "1797581819" @default.
- W1797581819 workType "article" @default.