Bank lines of credit as a source of long-term finance

• المؤلفون الرئيسيون: Chang, Xin, Chen, Yunling, Masulis, Ronald W.
• مؤلفون آخرون: Nanyang Business School
• التنسيق: مقال
• اللغة: English
• منشور في: 2023
• الموضوعات: Business::Finance; Loans; Credit Rationing
• الوصول للمادة أونلاين: https://hdl.handle.net/10356/169370
• المؤسسة: Nanyang Technological University

Hand-collecting credit line drawdowns that firms classify as long-Term debt, we first document how long-Term drawdowns rise with high investment needs or weak external capital market conditions. Nearly all drawdown proceeds finance long-Term investment, including M&A activity. Unrated and lower-...