Autori
Imperatore, Claudia
Bafundi, Andrea

Titolo
Information asymmetries and debt financing: New evidence from the 2007-2008 financial crisis
Periodico
Financial reporting
Anno: 2023 - Fascicolo: 2 - Pagina iniziale: 5 - Pagina finale: 38

Purpose: Focusing on the 2007-2009 financial crisis, this study investigates how firms? and debtholders? information sensitivity jointly shape corporate debt financing. According to the pecking order theory, opaque firms prefer bank loans over more information-sensitive sources like bonds and equity. When external conditions worsen, firms face difficulties accessing bank loans and look for alter-natives. Yet, as bondholders are more information-sensitive than banks, the substi-tution effect may not occur especially for firms with lower financial reporting qual-ity (FRQ).



SICI: 2036-671X(2023)2<5:IAADFN>2.0.ZU;2-9
Testo completo: http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=74344&Tipo=Articolo PDF

Esportazione dati in Refworks (solo per utenti abilitati)

Biblioteche ACNP che possiedono il periodico