Multi-lender choice: Corporate bonds vs syndicated loans in mexican firms
We study the long-term financing choice between syndicated loans and Mexican firms' issuance of public debt. We restrict our attention to those firms that issue securities in capital markets. Our findings suggest that the firm's size, the quality of its collateral, and credit quality play...
| Autores: | , , |
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| Tipo de recurso: | artículo |
| Estado: | Versión publicada |
| Fecha de publicación: | 2022 |
| País: | México |
| Institución: | UNIVERSIDAD NACIONAL AUTÓNOMA DE MÉXICO |
| Repositorio: | Contaduría y Administración |
| Idioma: | español |
| OAI Identifier: | oai:ojs.pkp.sfu.ca:article/4477 |
| Acceso en línea: | http://www.cya.unam.mx/index.php/cya/article/view/4477 |
| Access Level: | acceso abierto |
| Palabra clave: | Finanzas; Finanzas Corporativas; financiamiento capital structure; syndicated loans; corporate bond; credit quality |
| Sumario: | We study the long-term financing choice between syndicated loans and Mexican firms' issuance of public debt. We restrict our attention to those firms that issue securities in capital markets. Our findings suggest that the firm's size, the quality of its collateral, and credit quality play an important role in the outcome of choice. We also find that the marginal effects of these three characteristics are not consistent along their range of values. In particular, we found evidence that the credit quality of firms has a non-monotonic effect in the choice. |
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