Corporate failures and the denomination of corporate bonds: Evidence from emerging Asian economies over two financial crises

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• 作者：Marina-Eliza Spaliara ; Serafeim Tsoukas ; ^{serafeim.tsoukas@glasgow.ac.uk}
• 关键词：Firm survival ; Bond financing ; Domestic and foreign currency debt ; Financial crises
• 刊名：Journal of International Financial Markets, Institutions and Money
• 出版年：2017
• 出版时间：January 2017
• 年：2017
• 卷：46
• 期：Complete
• 页码：84-97
• 全文大小：384 K
• 卷排序：46

文摘

We investigate how the currency denomination of bonds affects firm survival. We pay special attention to the Asian crisis and the global financial crisis. We observe that bond issuers are more likely to survive. During the Asian crisis firms with foreign bonds face a higher probability of failure. We find no notable differences between the global financial crisis and tranquil times.