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The choice between corporate and structured financing: evidence from new corporate borrowings

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dc.contributor.authorPinto, João M.
dc.contributor.authorSantos, Mário C.
dc.date.accessioned2020-03-09T19:31:32Z
dc.date.available2020-03-09T19:31:32Z
dc.date.issued2019
dc.description.abstractWe examine the factors that influence nonfinancial firms’ choice of issuing standard corporate bonds vis-à-vis contracting structured finance, in the form of project finance or asset securitization arrangements. Using a data set of deals closed by 4,700 European borrowers between 2000 and 2016, we find that informational frictions and issuance costs affect public firms’ borrowing source choices. Findings suggest that borrowers choose structured finance when they are relatively smaller, less profitable, have lower asset tangibility, and seek long-term financing. Our findings also document that borrowers resorting to asset securitization tend to have larger growth opportunity sets. Borrowers resorting to project finance are less creditworthy than corporate bond issuers and, on average, asset securitization deals have an 87.6 basis points borrowing cost advantage over corporate bond deals for switchers.pt_PT
dc.description.versionN/Apt_PT
dc.identifier.citationPinto, J., Santos, M. (2019). The choice between corporate and structured financing: evidence from new corporate borrowings. The European Journal of Financept_PT
dc.identifier.doi10.1080/1351847X.2019.1697323pt_PT
dc.identifier.eissn1466-4364
dc.identifier.issn1351-847X
dc.identifier.urihttp://hdl.handle.net/10400.14/29892
dc.identifier.wosWOS:000501057400001
dc.language.isoengpt_PT
dc.peerreviewedyespt_PT
dc.publisherTaylor & Francispt_PT
dc.subjectDebt financing choicept_PT
dc.subjectSecurity designpt_PT
dc.subjectOff-balance-sheet financingpt_PT
dc.subjectProject financept_PT
dc.subjectAsset securitizationpt_PT
dc.subjectCorporate bondspt_PT
dc.titleThe choice between corporate and structured financing: evidence from new corporate borrowingspt_PT
dc.typejournal article
dspace.entity.typePublication
oaire.citation.titleEuropean Journal of Financept_PT
person.familyNamePinto
person.familyNameCoutinho dos Santos
person.givenNameJoão
person.givenNameMário João
person.identifier.ciencia-id281E-DC45-D3FB
person.identifier.ciencia-id941C-80F7-732E
person.identifier.orcid0000-0002-0110-9513
person.identifier.orcid0000-0002-9951-3150
person.identifier.ridB-5565-2018
person.identifier.scopus-author-id57197571202
rcaap.rightsrestrictedAccesspt_PT
rcaap.typearticlept_PT
relation.isAuthorOfPublicationc68c25ae-f402-497d-8248-0db4e7ca13e4
relation.isAuthorOfPublication0a56f5f3-4cea-4bc8-8d1a-d2c59eabc192
relation.isAuthorOfPublication.latestForDiscovery0a56f5f3-4cea-4bc8-8d1a-d2c59eabc192

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