Dell'Acqua, Alberto
[VerfasserIn]
;
Etro, Leonardo
[Sonstige Person, Familie und Körperschaft];
Teti, Emanuele
[Sonstige Person, Familie und Körperschaft];
Barbalace, Pasquale
[Sonstige Person, Familie und Körperschaft]
Market Value and Corporate Debt
: The 2006-2010 International Evidence
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments July 15, 2013 erstellt
Beschreibung:
We analyze the differences in the financial debt level of firms both in market-oriented systems (USA, UK) and bank-oriented systems (Germany, France and Italy) on a sample of 3,360 listed companies between the period 2006-2010. Results indicate that the debt level is significantly higher in market-oriented systems when compared to the book value of equity. We find confirmation that book-to-market cannot explain the debt level in bank-oriented systems but, contrary to reference literature, we observe that book-to-market ratio has a negative relation to debt level in market-oriented systems, especially in the United States. We claim different reasons to explain the evidence: i) the financing standards of market-oriented countries, with an inflationary effect of market values on debt; ii) an underlying activity for ownership protection; iii) the unfavourable conditions of stock market over the years of the financial crisis that reduced the convenience of equity issuance