| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21951 |
| 来源ID | Working Paper 21951 |
| To Borrow or Not to Borrow? An Analysis of University Leverage Decisions | |
| Harvey S. Rosen; Alexander J. W. Sappington | |
| 发表日期 | 2016-02-01 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | This paper investigates the decisions of universities to issue debt. We test whether the expected value and uncertainty of a university’s nonfinancial income (the income generated by sources other than its endowment) affect its leverage (the ratio of the value of an institution’s liabilities to the value of its assets). We find that leverage is negatively related to both the expected value and the uncertainty of nonfinancial income. On average, increasing the expected value of nonfinancial income by one standard deviation decreases a university’s debt by about $5.1 million, while increasing the uncertainty of nonfinancial income by one standard deviation decreases debt by about $2.7 million. This behavior is consistent with the pecking order theory of capital structure, which posits that managers deplete available internal funds before issuing debt. We also show that the leverage decisions of universities have become less sensitive to expected nonfinancial income but more sensitive to its uncertainty since the Great Recession. |
| 主题 | Health, Education, and Welfare ; Education |
| URL | https://www.nber.org/papers/w21951 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579625 |
| 推荐引用方式 GB/T 7714 | Harvey S. Rosen,Alexander J. W. Sappington. To Borrow or Not to Borrow? An Analysis of University Leverage Decisions. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w21951.pdf（302KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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