本地机构投资者和债务到期日

IF 2.1 2区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Markets Pub Date : 2023-01-01 DOI:10.1016/j.finmar.2022.100758

Qin (Emma) Wang , Jun Zhang

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引用次数: 1

摘要

我们研究了机构投资者的地理邻近性和债务期限之间的关系。我们假设并发现拥有更多或更紧密的本地机构投资者的公司债务期限更短。基于新债发行、将SOX作为自然实验、将企业总部搬迁作为外生冲击的分析表明，地方制度监测对债务期限具有因果效应。对潜在机制的检验表明，受本地机构投资者监管的企业选择期限较短的债务以降低债务和股权代理成本。结果表明，本地机构投资者对企业债务期限的选择有影响。

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Local institutional investors and debt maturity

We examine the relation between the geographic proximity of institutional investors and debt maturity. We hypothesize and find that firms with more or closer local institutional investors have shorter maturity debt. Analyses based on new debt issues and using SOX as a natural experiment and firm headquarter relocations as exogenous shocks indicate a causal effect of local institutional monitoring on debt maturity. Tests of the underlying mechanism suggest that firms monitored by local institutional investors choose shorter maturity debt to reduce debt and equity agency costs. The results demonstrate that local institutional investors affect firms’ debt maturity choices.

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来源期刊

Journal of Financial Markets BUSINESS, FINANCE-

CiteScore

3.40

自引率

3.60%

发文量

期刊介绍： The Journal of Financial Markets publishes high quality original research on applied and theoretical issues related to securities trading and pricing. Area of coverage includes the analysis and design of trading mechanisms, optimal order placement strategies, the role of information in securities markets, financial intermediation as it relates to securities investments - for example, the structure of brokerage and mutual fund industries, and analyses of short and long run horizon price behaviour. The journal strives to maintain a balance between theoretical and empirical work, and aims to provide prompt and constructive reviews to paper submitters.