دانلود مقاله ISI انگلیسی شماره 83205
ترجمه فارسی عنوان مقاله

ریسک نقدینگی و مدیریت بلوغ در طول دوره اعتبار

عنوان انگلیسی
Liquidity risk and maturity management over the credit cycle
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
83205 2018 59 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Financial Economics, Volume 127, Issue 2, February 2018, Pages 264-284

پیش نمایش مقاله
پیش نمایش مقاله  ریسک نقدینگی و مدیریت بلوغ در طول دوره اعتبار

چکیده انگلیسی

We show that firm demand-side factors are strong drivers of procyclical refinancing behavior over the credit cycle using novel data from the Shared National Credit program. Firms are more likely to refinance early when credit conditions are good to keep the effective maturity of their loans long and hedge against having to refinance in tight credit conditions. High credit quality firms are better able to hedge, making their refinancing propensity more sensitive to credit cycles than less creditworthy firms. There is a strong relationship between refinancing a loan, and subsequent growth in capital expenditure, especially when a loan is refinanced early.