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The sources of debt matter, too.

Liu, Yang.

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The sources of debt matter, too.

Record Type:	Electronic resources : Monograph/item
Title/Author:	The sources of debt matter, too./
Author:	Liu, Yang.
Description:	126 p.
Notes:	Source: Dissertation Abstracts International, Volume: 65-04, Section: A, page: 1437.
Contained By:	Dissertation Abstracts International65-04A.
Subject:	Business Administration, General. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3131189

The sources of debt matter, too.
Liu, Yang.

The sources of debt matter, too. - 126 p.

Source: Dissertation Abstracts International, Volume: 65-04, Section: A, page: 1437.

Thesis (Ph.D.)--University of Washington, 2004.

This dissertation shows that not only the amount of debt but also the sources of debt affect a firm's financial decisions through the control of information asymmetry and asset substitution. In particular, it examines the effects of outstanding bank loans, loans from non-bank financial intermediaries, and unused bank lines of credit on a firm's cash holdings, asset risk, and investment. I find that different types of debt have distinctive effects on a firm's financial decisions. Outstanding bank loans decrease a firm's asset risk and increase investment; non-bank private debt decreases a firm's asset risk and investment; and unused bank lines of credit decrease a firm's cash holdings and asset risk and increase a firm's investment. The evidence shows that bank borrowing reduces both information asymmetry and asset substitution but non-bank private borrowing reduces only asset substitution. It suggests that firm-bank deposit relationships facilitate the production of information. In addition, I find that outstanding private borrowing has a stronger effect in reducing asset risk in mature firms than in young firms. To deal with the endogeneity problem associated with private financing, I also examine the determinants of private borrowing. Firms with large information asymmetry borrow more from financial intermediaries than from public investors and more from banks than from non-bank financial intermediaries, and firms with more investment opportunities have more unused lines of credit.Subjects--Topical Terms:

1017457
Business Administration, General.

The sources of debt matter, too.
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035 $a (UnM)AAI3131189
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100 1 $a Liu, Yang. $3 1026508
245 1 4 $a The sources of debt matter, too.
300 $a 126 p.
500 $a Source: Dissertation Abstracts International, Volume: 65-04, Section: A, page: 1437.
500 $a Chair: Jonathan M. Karpoff.
502 $a Thesis (Ph.D.)--University of Washington, 2004.
520 $a This dissertation shows that not only the amount of debt but also the sources of debt affect a firm's financial decisions through the control of information asymmetry and asset substitution. In particular, it examines the effects of outstanding bank loans, loans from non-bank financial intermediaries, and unused bank lines of credit on a firm's cash holdings, asset risk, and investment. I find that different types of debt have distinctive effects on a firm's financial decisions. Outstanding bank loans decrease a firm's asset risk and increase investment; non-bank private debt decreases a firm's asset risk and investment; and unused bank lines of credit decrease a firm's cash holdings and asset risk and increase a firm's investment. The evidence shows that bank borrowing reduces both information asymmetry and asset substitution but non-bank private borrowing reduces only asset substitution. It suggests that firm-bank deposit relationships facilitate the production of information. In addition, I find that outstanding private borrowing has a stronger effect in reducing asset risk in mature firms than in young firms. To deal with the endogeneity problem associated with private financing, I also examine the determinants of private borrowing. Firms with large information asymmetry borrow more from financial intermediaries than from public investors and more from banks than from non-bank financial intermediaries, and firms with more investment opportunities have more unused lines of credit.
590 $a School code: 0250.
650 4 $a Business Administration, General. $3 1017457
650 4 $a Economics, Commerce-Business. $3 626649
690 $a 0310
690 $a 0505
710 2 0 $a University of Washington. $3 545923
773 0 $t Dissertation Abstracts International $g 65-04A.
790 1 0 $a Karpoff, Jonathan M., $e advisor
790 $a 0250
791 $a Ph.D.
792 $a 2004
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3131189