large debt financing syndicated loans versus corporate bonds

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In 2009 all ECB publications feature a motif taken from the €200 banknote. WORKING PAPER SERIES NO 1028 / MARCH 2009 LARGE DEBT FINANCING SYNDICATED LOANS VERSUS CORPORATE BONDS 1 by Yener Altunbaş 2 , Alper Kara 3 and David Marqués-Ibáñez 4 This paper can be downloaded without charge from http://www.ecb.europa.eu or from the Social Science Research Network electronic library at http://ssrn.com/abstract_id=1349085. 1 The opinions expressed in this paper are those of the authors only and do not necessarily represent the views of the European Central Bank. We are very grateful to an anonymous referee from the European Central Bank Working Paper series as well as to Juan Angel Garcia, Marco lo Duca, Dimitrios Rakitzis and Carmelo Salleo for very useful comments. 2 Bangor Business School, Bangor University, Bangor, Gwynedd, LL57 2DG, United Kingdom; e-mail: Y.Altunbas@bangor.ac.uk 3 Corresponding author: Loughborough University Business School, LE113TU, United Kingdom; e-mail: a.kara@lboro.ac.uk; tel.: +44 1509 228808 4 European Central Bank, Directorate General Research, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany; e-mail: david.marques@ecb.europa.eu; tel.: +49 69 1344 6460
© European Central Bank, 2009 Address Kaiserstrasse 29 60311 Frankfurt am Main, Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main, Germany Telephone +49 69 1344 0 Website http://www.ecb.europa.eu Fax +49 69 1344 6000 All rights reserved. Any reproduction, publication and reprint in the form of a different publication, whether printed or produced electronically, in whole or in part, is permitted only with the explicit written authorisation of the ECB or the author(s). The views expressed in this paper do not necessarily refl ect those of the European Central Bank. The statement of purpose for the ECB Working Paper Series is available from the ECB website, http://www.ecb.europa. eu/pub/scientific/wps/date/html/index. en.html ISSN 1725-2806 (online)
Page 1: Large debt financing syndicated Loa
Page 5 and 6: 4 Abstract Following the introducti
Page 7 and 8: 6 debt options for all firms (regar
Page 9 and 10: 8 al. (1999), Cantillo and Wright (
Page 11 and 12: 3. Determinants of firms’ financi
Page 13 and 14: grow exponentially. Currently, synd
Page 15 and 16: firms borrowed both from bond and l
Page 17 and 18: issue public debt rather than syndi
Page 19 and 20: 5.1.2 Renegotiation and liquidation
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Page 23 and 24: 5.2 Multinomial specification To sc
Page 25 and 26: 5.3 Larger sample with smaller firm
Page 27 and 28: issuance costs are considered. It i
Page 29 and 30: features that lead to a particular
Page 31 and 32: Bosch, O., 2007. Information asymme
Page 33 and 34: APPENDIX Table 5: Correlation matri
Page 35 and 36: 992 “FDI and productivity converg

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