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Capital Structure and Financial Risk: Evidence from Foreign Debt Use in East Asia

Using a data set of East Asian nonfinancial companies, we examine a firm's choice between local, foreign, and synthetic local currency (hedged foreign currency) debt. We find evidence of unique as well as common factors that determine each debt type's use, indicating the importance of examining debt... Full description

Journal Title: Journal of Finance December 2003, Vol.58(6), pp.2667-2710
Main Author: Allayannis, George
Other Authors: Brown, Gregory W. , Klapper, Leora F.
Format: Electronic Article Electronic Article
Language:
Subjects:
ID: ISSN: 0022-1082 ; E-ISSN: 1540-6261 ; DOI: 10.1046/j.1540-6261.2003.00619.x
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recordid: wj10.1046/j.1540-6261.2003.00619.x
title: Capital Structure and Financial Risk: Evidence from Foreign Debt Use in East Asia
format: Article
creator:
  • Allayannis, George
  • Brown, Gregory W.
  • Klapper, Leora F.
subjects:
  • Asia
  • Studies
  • Capital Structure
  • Risk
  • Hedging
  • Foreign Exchange
  • Financial Performance
  • Derivatives
  • Statistical Analysis
  • Experimental/Theoretical
  • Investment Analysis & Personal Finance
  • Asia & the Pacific
ispartof: Journal of Finance, December 2003, Vol.58(6), pp.2667-2710
description: Using a data set of East Asian nonfinancial companies, we examine a firm's choice between local, foreign, and synthetic local currency (hedged foreign currency) debt. We find evidence of unique as well as common factors that determine each debt type's use, indicating the importance of examining debt at a disaggregated level. We exploit the Asian financial crisis as a natural experiment to investigate the role of debt type in firm performance. Surprisingly, we find that the use of synthetic local currency debt is associated with the biggest drop in market value, possibly due to currency derivative market illiquidity during the crisis.
language:
source:
identifier: ISSN: 0022-1082 ; E-ISSN: 1540-6261 ; DOI: 10.1046/j.1540-6261.2003.00619.x
fulltext: fulltext
issn:
  • 0022-1082
  • 00221082
  • 1540-6261
  • 15406261
url: Link


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descriptionUsing a data set of East Asian nonfinancial companies, we examine a firm's choice between local, foreign, and synthetic local currency (hedged foreign currency) debt. We find evidence of unique as well as common factors that determine each debt type's use, indicating the importance of examining debt at a disaggregated level. We exploit the Asian financial crisis as a natural experiment to investigate the role of debt type in firm performance. Surprisingly, we find that the use of synthetic local currency debt is associated with the biggest drop in market value, possibly due to currency derivative market illiquidity during the crisis.
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subjectAsia ; Studies ; Capital Structure ; Risk ; Hedging ; Foreign Exchange ; Financial Performance ; Derivatives ; Statistical Analysis ; Experimental/Theoretical ; Investment Analysis & Personal Finance ; Asia & the Pacific;
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abstractUsing a data set of East Asian nonfinancial companies, we examine a firm's choice between local, foreign, and synthetic local currency (hedged foreign currency) debt. We find evidence of unique as well as common factors that determine each debt type's use, indicating the importance of examining debt at a disaggregated level. We exploit the Asian financial crisis as a natural experiment to investigate the role of debt type in firm performance. Surprisingly, we find that the use of synthetic local currency debt is associated with the biggest drop in market value, possibly due to currency derivative market illiquidity during the crisis.
copBoston, USA and Oxford, UK
pubBlackwell Publishing Inc
doi10.1046/j.1540-6261.2003.00619.x
pages2667-2709
date2003-12