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Corporate restructuring and lending ...

Michigan State University.

Corporate restructuring and lending relationships: Evidence from firms experiencing large performance shocks.

レコード種別:	コンピュータ・メディア : 単行資料
タイトル / 著者:	Corporate restructuring and lending relationships: Evidence from firms experiencing large performance shocks./
著者:	Na, Hyun-Seung.
記述:	52 p.
注記:	Source: Dissertation Abstracts International, Volume: 68-09, Section: A, page: 4004.
含まれています:	Dissertation Abstracts International68-09A.
主題:	Economics, Finance. -
電子資源:	Download PDF (下載PDF全文)
国際標準図書番号 (ISBN):	9780549239949

Corporate restructuring and lending relationships: Evidence from firms experiencing large performance shocks.
Na, Hyun-Seung.

Corporate restructuring and lending relationships: Evidence from firms experiencing large performance shocks. - 52 p.

Source: Dissertation Abstracts International, Volume: 68-09, Section: A, page: 4004.

Thesis (Ph.D.)--Michigan State University, 2007.

This dissertation explores the monitoring roles of private lenders as a corporate control mechanism. Using firms that experience large performance declines between 1997 and 2001, we investigate how close lending relationships influence restructuring actions of borrowing firms in response to their performance shocks. We find that firms with more loans from their durable lending relationships are more likely to engage in downsizing actions, whether they generate immediate cash flows or not. The existence of long-term relationship lenders decreases the likelihood of expansionary actions. The announcement returns of downsizing are also positively related to lending relationship measures such as duration of lending relation and borrowing from lead credit facilities. While firms with more borrowings reduce their loans following downsizing actions, those with long-run lending relationships maintain their loan amount. In addition, firms with close ties to their lenders have better post-restructuring performance and lower probability of being acquired. These findings are consistent with the view that close lending relations create value by facilitating firms to engage in value-increasing restructuring during performance declines.

ISBN: 9780549239949Subjects--Topical Terms:

1000005765
Economics, Finance.

Corporate restructuring and lending relationships: Evidence from firms experiencing large performance shocks.
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245 1 0 $a Corporate restructuring and lending relationships: Evidence from firms experiencing large performance shocks.
300 $a 52 p.
500 $a Source: Dissertation Abstracts International, Volume: 68-09, Section: A, page: 4004.
500 $a Adviser: Jun-Koo Kang.
502 $a Thesis (Ph.D.)--Michigan State University, 2007.
520 $a This dissertation explores the monitoring roles of private lenders as a corporate control mechanism. Using firms that experience large performance declines between 1997 and 2001, we investigate how close lending relationships influence restructuring actions of borrowing firms in response to their performance shocks. We find that firms with more loans from their durable lending relationships are more likely to engage in downsizing actions, whether they generate immediate cash flows or not. The existence of long-term relationship lenders decreases the likelihood of expansionary actions. The announcement returns of downsizing are also positively related to lending relationship measures such as duration of lending relation and borrowing from lead credit facilities. While firms with more borrowings reduce their loans following downsizing actions, those with long-run lending relationships maintain their loan amount. In addition, firms with close ties to their lenders have better post-restructuring performance and lower probability of being acquired. These findings are consistent with the view that close lending relations create value by facilitating firms to engage in value-increasing restructuring during performance declines.
590 $a School code: 0128.
650 4 $a Economics, Finance. $3 1000005765
650 4 $a Business Administration, Banking. $3 1000006251
690 $a 0508
690 $a 0770
710 2 $a Michigan State University. $3 1000005643
773 0 $t Dissertation Abstracts International $g 68-09A.
790 1 0 $a Kang, Jun-Koo, $e advisor
790 $a 0128
791 $a Ph.D.
792 $a 2007
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3282168 $z Download PDF (下載PDF全文)

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