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https://hdl.handle.net/2142/87439
Description
Title
Three Essays on Empirical Corporate Finance
Author(s)
Julio, Brandon
Issue Date
2007
Doctoral Committee Chair(s)
Michael S. Weisbach
Department of Study
Finance
Discipline
Finance
Degree Granting Institution
University of Illinois at Urbana-Champaign
Degree Name
Ph.D.
Degree Level
Dissertation
Keyword(s)
Economics, Theory
Language
eng
Abstract
The final essay examines how firms structure debt contracts. Debt securities differ on a number of dimensions, including quality, maturity, seniority, security, and convertibility. The empirical results suggest that there are three main types of factors that determine these features: First, firm-specific factors such as growth opportunities and cash holdings are related with the various features of issued bonds. Second, the state of the macroeconomy affects the quality distribution of securities offered; in particular, during recessions, firms issue far less poor quality bonds than in good times. Controlling for firm characteristics and economy-wide factors, project specific factors appear to influence the types of securities that are issued. Specifically, long-term bonds are more likely to be issued by firms investing in fixed assets, while convertible and short-term bonds are more likely to finance investment in R&D.
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