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- W616441489 abstract "External financing of corporations historically involved cyclical patterns. Corporations' debt to equity ratios generally deteriorated in recessions and improved in recoveries. As a recession approached its end, corporations typically restored their balance sheets, issued both debt and equity, and used the proceeds to repay short-term debt and to rebuild their liquid assets. This was the period where corporations tended to lengthen the maturity of their debt (i.e. fund their debt). In the latter.part of a recovery, by which time interest rates were usually high, corporations eschewed long-term debt and instead sought short-term debt financing. Recently, many corporations have deviated from this pattern and have fallen behind in restoring their balance sheets. In the post-Korean War period, the character of the corporate balance sheet has changed significantly. In 1960, manufacturing corporations had slightly more than $4 of equity per dollar of debt. The amount of equity per dollar of debt has since declined to $2.07 [1]. The ratio of debt to total funds employed and the ratio of short-term debt to total debt have both increased considerably. At the end of the fourth quarter of 1960, the ratio of short-term debt to total market debt was 29.5%. By the end of 1982, it had risen to 47.9% [2]. There also has been a tremendous increase in the burden of debt servicing. In the 1960-1982 period, the interest coverage ratio, defined as pretax profits plus interest payments divided by interest payments, fell from 14.4 to 2.7 [3]. This decline indicates that pretax corporate profits were barely sufficient to cover interest payments on debt. Not only is there a large debt on which to pay interest, but the interest rates at which the funds have been borrowed have risen markedly. In 1960, the average rate on long-term Treasury bonds was 4.01% [4]. For the same securities in 1982 the average rate was 12.76% [5]." @default.
- W616441489 created "2016-06-24" @default.
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- W616441489 date "1984-01-01" @default.
- W616441489 modified "2023-09-23" @default.
- W616441489 title "The Threat of Corporate Debt" @default.
- W616441489 hasPublicationYear "1984" @default.
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