How Does Access to the Unsecured Debt Market Affect Investment?

被引：2
|
作者：
Biguri, Kizkitza [1 ]
机构：
[1] Oslo Business Sch OsloMet, Pilestredet 35,Off number PE525, N-0166 Oslo, Norway
来源：
JOURNAL OF BANKING & FINANCE | 2023年 / 152卷
关键词：
Unsecured debt; Debt structure; Financial constraints; Investment; Collateral; Creditor conflict; CAPITAL STRUCTURE; MORAL HAZARD; BANK DEBT; CREDIT; MATURITY; LIQUIDITY; INTERMEDIATION; DETERMINANTS; FINANCE; CASH;
D O I：
10.1016/j.jbankfin.2023.106856
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
I analyze the relevance of debt composition (secured versus unsecured) for the association between col-lateral and investment. I study a negative shock to the cost and availability of unsecured debt. A decrease in the share of unsecured debt leads to a reduction in investment. The substitution toward secured debt results in asset encumbrance, higher interest rates, and the presence of covenants. The minimization of financing costs is one mechanism through which the priority composition of debt impacts investment. The results complement evidence on the collateral channel with a novel focus on debt structure.(c) 2023 Elsevier B.V. All rights reserved.
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页数：17
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