The choice among bank debt, non-bank private debt, and public debt: evidence from new corporate borrowings☆

By David J. Denis, V. Mihov. 2003

735 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/244acb964d4b9d7ea4e1907821ed31e2f036abde

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

In Finance

Citations in the corpus

Beating Earnings Benchmarks and the Cost of Debt (2008, positive): “Compared to the credit ratings sample, the new bond issue sample has a larger proportion of firms beating all three earnings benchmarks, because better-performing firms are more likely to issue public bonds (Denis and Mihov 2003).”
Does the Source of Capital Affect Capital Structure (2003, neutral): “There has been little empirical work, however, describing why some firms either choose to or are allowed to borrow from the bond market while others rely exclusively on private lenders such as banks [see Cantillo and Wright (2000), Denis and Mihov (2003), Himmelberg and Morgan (1995), Krishnaswami, ”
The Effect of Private Information and Monitoring on the Role of Accounting Quality in Investment Decisions (2009, positive): “The first-stage model of debt choice includes variables from Denis and Mihov 2003, Krishnaswami et al. 1999, and Bharath et al. 2008.”
Family Control and Financing Decisions (2011, positive): “Denis and Mihov (2003), document that firms with an established reputation in credit markets are more likely to issue public debt.”
Small and Medium-Sized Enterprises Financing: A Review of Literature (2013, positive): “Still in the US, an earlier study by Denis and Mihov (2003) using a sample of 1,560 new debt issuers firms during 1995–96 showed that of total amount of debt of $350 billion raised by the firms in the sample, nonbank debt was responsible for almost $40 billion.”
Can the Trade-off Theory Explain Debt Structure? (2007, positive): “(1999), and Denis and Mihov (2003) all find that the percentage of market debt in total debt is increasing in firm size and age.”
The Pecking Order, Debt Capacity, and Information Asymmetry (2010, positive): “This comparison is particularly useful since equity issuers are, on average, relatively smaller and younger so that their primary source of financing outside of equity markets is private lenders, as opposed to public debt markets which are restricted to larger, more established firms (Denis and Miho”
Does mandatory IFRS adoption facilitate debt financing? (2015, background): “In line with prior literature, we include the following determinants expected to be associated with debt access: Size, Tangibility, and Market to Book to proxy for information asymmetries, flotation costs, and growth opportunities, respectively (Denis and Mihov 2003; Bharath et al. 2008); Leverage, ”