Bond Market Access, Credit Quality, and Capital Structure: Canadian Evidence

被引：14

作者：

Mittoo, Usha R. ^{[1
]}

Zhang, Zhou ^{[2
]}

机构：

[1] Univ Manitoba, Winnipeg, MB, Canada

[2] Univ Regina, Regina, SK, Canada

来源：

FINANCIAL REVIEW | 2010年 / 45卷 / 03期

关键词：

capital structure; bond market access; credit quality;

D O I：

10.1111/j.1540-6288.2010.00262.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the impact of bond market access (measured by having a credit rating) on leverage for Canadian high credit quality (HQ) and low credit quality (LQ) firms, and find that the leverage impact is more pronounced for LQ firms. The results are similar for U. S. firms. Our results are confirmed when we control for the firm's credit quality, examine the change in leverage around rating initiation, and account for the issue size effect. A similar leverage impact for Canadian and U. S. LQ firms suggests that the Canada-U. S. bond market integration has mitigated the financial constraints for Canadian LQ firms.

引用

页码：579 / 602

页数：24

共 50 条

[41] The Stock Market, Credit and Capital Formation
Plumptre, A. F. W.
CANADIAN JOURNAL OF ECONOMICS & POLITICAL SCIENCE, 1941, 7 (04): : 598 - 601
[42] The Stock Market Credit and Capital Formation
Paish, F. W.
ECONOMICA-NEW SERIES, 1940, 7 (28): : 441 - 443
[43] Basel III capital buffer requirements and credit union prudential regulation: Canadian evidence
Hessou, Helyoth
Lai, Van Son
JOURNAL OF FINANCIAL STABILITY, 2017, 30 : 92 - 110
[44] SME's bond issuance and access to bank credit: evidence from Italy
Croce, Annalisa
Quas, Anita
Tenca, Francesca
REVIEW OF MANAGERIAL SCIENCE, 2025, 19 (02) : 499 - 535
[45] Market timing and Capital structure: Evidence from Shenzhen market in China
Tian Hong-hong
Shao Xi-juan
Luo Xiao-na
2008 4TH INTERNATIONAL CONFERENCE ON WIRELESS COMMUNICATIONS, NETWORKING AND MOBILE COMPUTING, VOLS 1-31, 2008, : 9998 - 10000
[46] Market timing and capital structure: Evidence for dutch firms
De Bie, Tijs
De Haan, Leo
ECONOMIST-NETHERLANDS, 2007, 155 (02): : 183 - 206
[47] Equity market timing and capital structure: International evidence
Mahajan, Arvind
Tartaroglu, Semih
JOURNAL OF BANKING & FINANCE, 2008, 32 (05) : 754 - 766
[48] Market Timing and Capital Structure: Evidence for Dutch Firms
Tijs De Bie
Leo De Haan
De Economist, 2007, 155 : 183 - 206
[49] Stock-Market Credit, Industrial Credit, and Capital Formation
Marget, Arthur W.
JOURNAL OF POLITICAL ECONOMY, 1932, 40 (06) : 829 - 831
[50] The capital structure of multinational corporations: Canadian versus US evidence
Mittoo, Usha R.
Zhang, Zhou
JOURNAL OF CORPORATE FINANCE, 2008, 14 (05) : 706 - 720

← 1 2 3 4 5 →