Short-term debt catering
نویسندگان
چکیده
Focusing on investments by US money market mutual funds (MMFs) in nonfinancial commercial paper, this study shows that the demand for corporate short-term securities preferred-habitat investors is positively associated with use of debt firms. Consistent results are found when using a longitudinal dataset monthly frequency and firm-quarter panel dataset; instrumenting MMFs; measuring MMFs at level individual issuers; exploiting an exogenous change regulation identification. These findings support idea corporations cater to investors' preferences choosing their maturity structure. • Demand paper affects firms' debt. issuers catering management Results mainly driven firms rated as first tier. robust aggregate or issuer's identification
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ژورنال
عنوان ژورنال: Journal of Corporate Finance
سال: 2021
ISSN: ['0929-1199', '1872-6313']
DOI: https://doi.org/10.1016/j.jcorpfin.2020.101817