Contractual Savings, Capital Markets, and Firms' Financing Choices

Contractual Savings, Capital Markets, and Firms' Financing Choices

The authors analyze the relationship between the development and asset allocation of contractual savings and firms' capital structures. The authors develop a simple model of firms' leverage and debt maturity decisions. They illustrate the...

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Bibliographic Details
Main Authors:	Impavido, Gregorio, Musalem, Alberto R., Tressel, Thierry
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	ADVERSE SELECTION ASSET BACKED SECURITIES ASSET MANAGEMENT ASYMMETRIC INFORMATION BALANCE SHEET BALANCE SHEETS BANK LOANS BANK RUNS BANKING SECTOR BANKING SYSTEM BANKRUPTCY BANKS BENCHMARK BONDS BORROWING CAPITAL FLOWS CAPITAL MARKETS CAPITALIZATION COMPARATIVE ADVANTAGE CONTAGION CONTRACTUAL SAVINGS INSTITUTIONS CORPORATE GOVERNANCE COST OF CAPITAL COUNTRY COMPARISONS DEBT DEVELOPMENT STRATEGIES DISCOUNTED VALUE DIVIDENDS ECONOMIC STABILITY ECONOMIES OF SCALE EMPIRICAL EVIDENCE EQUILIBRIUM EQUITY CAPITAL EQUITY INVESTMENTS EQUITY MARKETS EXPECTED RETURN EXPROPRIATION EXTERNAL FINANCING FACE VALUE FINANCIAL ASSETS FINANCIAL CRISIS FINANCIAL DEEPENING FINANCIAL INSTITUTIONS FINANCIAL RESOURCES FINANCIAL SECTOR FINANCIAL STRUCTURE FINANCIAL STRUCTURES FINANCIAL SYSTEMS FOREIGN CURRENCY FUTURE CASH FLOWS GDP GOVERNMENT BONDS HEDGE FUNDS HOUSING INSURANCE INSURANCE INDUSTRY INTEREST RATE INVESTMENT BANKS LIQUID ASSETS LIQUIDATION LIQUIDATION VALUE LIQUIDITY MACROECONOMIC MANAGEMENT MACROECONOMIC STABILITY MARKET POWER MONETARY POLICIES MORAL HAZARD MUTUAL FUNDS PERFECT INFORMATION POLICY MAKERS PORTFOLIO PORTFOLIOS PRESENT VALUE PRIVATE INFORMATION PRODUCTIVE ASSETS PROFITABILITY PROPERTY RIGHTS PUBLIC DEBT RETIREMENT RISK PREMIUM SAVINGS SAVINGS BEHAVIOR SECURITIES SECURITIES MARKETS SHAREHOLDERS SHORT TERM DEBT STOCK MARKETS TECHNOLOGICAL FACTORS TERM FINANCE TRADING SYSTEMS TRANSACTION COSTS TRANSPARENCY
Online Access:	http://documents.worldbank.org/curated/en/2001/06/2873678/contractual-savings-capital-markets-firms-financing-choices http://hdl.handle.net/10986/19653

Internet

http://documents.worldbank.org/curated/en/2001/06/2873678/contractual-savings-capital-markets-firms-financing-choices
http://hdl.handle.net/10986/19653