شکست های شرکت ها و تعریف اوراق قرضه شرکتی: شواهد از اقتصادهای در حال ظهور آسیایی در دو بحران مالی

Using a novel financial data-set which covers an extensive time period between 1995 to 2012, we test for the impact of currency denomination of bonds on Asian firms’ survival probabilities. Our data span two financial crises: the 1997–98 Asian crisis and the 2007–09 global financial crisis. We find that during the former crisis firms with foreign currency denominated bonds face a higher probability of failure compared to firms with domestic bonds. On the other extreme, we find no notable differences between the 2007–09 financial crisis and tranquil times for both domestic and foreign issuers.