| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10537 |
| DP10537 Bank Credit Tightening, Debt Market Frictions and Corporate Yield Spreads | |
| Massimo Massa; Lei Zhang | |
| 发表日期 | 2015-04-12 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We study how debt market frictions constraining the ability to replace bank with bond financing during a tightening in bank credit supply affect corporate yield spreads. We document that more inflexible firms suffer bigger increases in bond yield spreads as bank credit supply tightens. Debt inflexibility also amplifies the impact of firm-specific tightening in bank credit availability induced by the violation of loan covenants. More inflexible firms display a stronger link between yield spreads and cash flow volatility, a stronger link between yield spreads and stock volatility and a closer correlation between changes in yield spreads and stock returns. |
| 主题 | Financial Economics |
| 关键词 | Bank credit tightening Bond yield spreads Debt and equity correlation Debt inflexibility Lending standards |
| URL | https://cepr.org/publications/dp10537 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539369 |
| 推荐引用方式 GB/T 7714 | Massimo Massa,Lei Zhang. DP10537 Bank Credit Tightening, Debt Market Frictions and Corporate Yield Spreads. 2015. |
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