Financial distress, refinancing, and debt structure

Dudley Evan; Yin Qie Ellie

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Financial distress, refinancing, and debt structure

机译：财务困境，再融资和债务结构

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We examine changes in debt structure when firms experience financial distress. At these points in time, firms refinance and undergo substantial changes in priority structure. Specifically, we find that firms diversify their priority structure relative to its pre-distress composition. We show, using a simple model, that these changes are the firm's optimal response to its joint liquidity and investment needs. Additional predictions on the yield spreads of bonds issued to meet the firm's liquidity needs are also supported by the data. (C) 2018 Elsevier B.V. All rights reserved.

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《Journal of banking & finance》 |2018年第9期|185-207|共23页
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Dudley Evan; Yin Qie Ellie;
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Financial distress, refinancing, and debt structure

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