Capital Structure And Financial Risk : Evidence From Foreign Debt Use in East Asia  

Oleh:

Klamer, Marian ; Allayannis, George ; Brown, Gregory W.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 58 no. 6 (2003), page 2667-2710.
Topik: FINANCIAL RISK; studies; capital structure; risk; hedging; foreign exchange; financial performance; derivatives; statistical analysis
Fulltext: p 2667.pdf (335.68KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Using a data set of east asian non financial companies, we examine a firm;s choice between local, foreign and synthetic local currency (hedged foreign currency) debt. We find evidence of unique as well as common factors that determine each debt type's use, indicating the importnace of examining debt at a disaggregated level. We exploit the asian financial crisis as a natural experiment to investigate the role of debt type in firm performance. Surprisingly, we find that the use of synthetic local currency debt is associated with the biggest drop in market value, possibly due to currency derivate market liquidity during the crisis.

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