NDLI: The Role of Relative Availability of Bond and Bank Financing: A Measure of Financial Inflexibility

Content Provider	Semantic Scholar
Author	Massa, Massimo Zhang, Ling
Copyright Year	2009
Abstract	We study how the relative availability of bond and bank financing supply affects the firm’s ability to borrow and to use its leverage to buffer shocks. We define a measure that proxies for the regional Financial Inflexibility in the availability of bank and bond financing: “Debt Financial Inflexibility”. Financial Inflexibility tilts the financial structure towards equity, increasing SEOs, reducing debt issuances and lowering leverage. It proxies for a particular type of financial constraint that is more related to the local capital market to which the firm belongs, than to the characteristics of the firm itself. Higher Financial Inflexibility increases the sensitivity of cash holdings and investment to cash flows, reduces dividend payment and makes the firm more likely to pay equity in mergers and acquisitions. JEL Classification: G12, G3, G32
File Format	PDF HTM / HTML
Alternate Webpage(s)	https://ifin.usi.ch/assets/docs/seminars/m-massa-103476.pdf
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

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