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- Debt Maturity, Risk, and Asymmetric Information
- The study tests the implications of Flannery's (1986) and Diamond's (1991) models concerning the effects of risk and asymmetric information in determining debt maturity, and then examines the overall importance of informational asymmetries in debt maturity choices. The study employ data on over 6,000 commercial loans from 53 large U.S....
- White papers 2004-10-14
- Bond Issuance and Real Estate Investment Trusts: A Closer Look
- This paper conducts an analysis of public debt offerings of Real Estate Investment Trusts REITs with a focus on the maturity of the incremental debt issues. Specifically, it investigates firm characteristics leading REITs to issue short- or long-term debt. The paper finds that debt maturity is directly related to firm...
- White papers 2004-09-30
- Equity Residential Q2 2009 Earnings Call Transcript
- Question-and-Answer SessionOperator Operator Instructions. Your first question comes from the line of David Toti with Citigroup. David Toti - Citigroup Couple of questions about the dividend cut and it makes sense relative to positioning, but the language around opportunity, are you seeing any opportunity yet and where do you...
- Earnings calls 2009-07-31
- Retail Roundup: Future of Circuit City's Web Site Unclear, J.C. Penney Comments on Its Health, More
- CircuitCity.com to remain shuttered? -- Although the brick-and-mortar locations operated by Circuit City Stores Inc. are papered with signs advertising the chain's liquidation sales, the same can't be said for the company's Web site. After announcing that Circuit City is going out of business, operators took down CircuitCity.com, the Web's...
- Blog posts 2009-01-21
Additional Resources
- The Debt-Maturity Structure of Small Firms in a Creditor-Oriented Environment
- Once a firm decides to issue debt, the characteristics of this debt instrument should be considered. One of the critical decisions involves debt maturity. Using a sample of 1091 Belgian small firms from 1996 until 2000, this paper analyses the determinants of the corporate debt-maturity structure of small firms in...
- White papers 2003-09-19
- Ashford Hospitality Refinances Sole 2008 Debt Maturity
- DALLAS -- Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced it has refinanced its sole debt maturity in 2008. The Company refinanced its $73.5 million loan with MetLife that is secured by interests in the Hilton Tucson El Conquistador Golf Resort in Tucson, Arizona, and the Hilton Dallas Lincoln Centre...
- Research articles 2008-06-25
- Debt Maturity and the International Financial Architecture
- This paper presents a theory of the maturity of international sovereign debt and derives its implications for the reform of the international financial architecture. It presents a general equilibrium model in which the need to roll over external debt disciplines the policies of debt or countries but makes them vulnerable...
- White papers 2004-07-01
- Cox raising $200 million. (Cox Enterprises to issue new stock to re-finance debt)
- Cox Raising $200 Million ATLANTA - Cox Enterprises announced last week that it will issue $200 million in new securities over the next six months to refinance existing debt. The move will lengthen overall debt maturity...
- Research articles 1990-07-23
- Unsecured Debt Issuance and Financial Policy of Real Estate Investment Trusts
- This paper provides a systematic empirical analysis of the financial policy of equity Real Estate Investment Trusts REITs, with a focus on firms that issue unsecured debt. The paper finds that financial market conditions and bond rating interact to affect the unsecured debt offer spread, where lower credit quality debt...
- White papers 2000-07-01
- Empirical Examination of Sources of Capital and Debt Finance in Small Firms
- This paper examines the relationship between ownership differences and small firms' financial policies using a survey of U.S. companies. It is found that financial policies differ according to the type of ownership private versus public and by the ownership differences (family-owned, closely-held, or widely-held) within the private firms. The differences...
- White papers 2003-01-01
- Awash In Hilton Debt, Blackstone Is Getting Back To Basics
- After a solid year in which its valuation more than doubled, private equity giant Blackstone Group has been taking a beating in recent weeks. Blackstone's huge position in Hilton Hotels has saddled it with a chunk of hard-to-manage debt: so much so that some analysts expect the...
- Blog posts 2009-10-28
- CIT gains breathing space to restructure debt
- CIT Group on Monday revealed it had won more time to restructure and avert a near-term bankruptcy filing, saying a tender offer for $1bn of the troubled US small business lender's debt succeeded by a small margin. CIT now has about two weeks to file plans with the Federal Reserve...
- News items 2009-08-17
- Fitch Affirms Level 3's Ratings Following Announced Debt Maturity Exchange
- CHICAGO -- Fitch has affirmed the 'CCC' issuer default rating IDR, along with each individual issue rating assigned to Level 3 Communications, Inc. (Level 3) and Level 3 Financing, Inc., as outlined below. This rating action follows Level 3's announcement to exchange up to approximately $1.23 billion of 2008 debt...
- Research articles 2005-12-12
- Alcoa Board Approves New Share Repurchase Program, Dividend Increase and Debt Restructuring to Enhance Shareholder Value
- NEW YORK -- Alcoa (NYSE:AA) today announced that its Board of Directors has authorized: the repurchase of up to 10 percent of the company's outstanding common stock, or approximately 87 million shares; a more than 13 percent increase in the company's dividend on its common stock from $0.60 per share...
- Research articles 2007-01-19
- BAA Sells Gatwick Airport at a Loss
- By Ben Deighton and Greg RoumeliotisLONDON/AMSTERDAM (Reuters UK) - Spain's Grupo Ferrovial, under pressure to reduce its dominance in UK airports, has agreed to sell London's Gatwick for a smaller-than-expected 1.51 billion pounds to a consortium involving Credit Suisse and General Electric.Ferrovial said on Wednesday that it expected to make...
- News items 2009-10-21
- Thomson: Debt Deal to Resuscitate Equity Value
- On 24 July 2009, Thomson SA TMS, the French media technology group, said it had signed a balance sheet restructuring agreement with the majority of its creditors. The agreement stipulates 1) a 45% cut in its gross senior debt (from EUR 2.83bn to EUR 2.55bn) by converting it to equity...
- External links 2009-08-03
- Potential dilution dogs charter shares: street wants Allen to help Defray MSO's $18.5b debt load.(Finance)
- Charter Communications Inc. stock sunk to a new 52-week low last week ($2.04) after it struck a bond deal to extend the maturity of an impending $588 million payment--but did little to address its near-crushing $18.5 billion debt load. The to...
- Research articles 2004-11-22
- Destiny Resource Services Corp. Announces Operating and Term Debt Facilities; Term Debt Payments and Extended Maturity.
- CALGARY, ALBERTA, Jan 7, 2004 CCNMatthews via COMTEX Destiny Resource Services Corp. announced today new operating and term debt facilities and the partial repayment and extension of maturity of the outstanding debenture: - the Company has entered into an agreement for operating...
- Research articles 2004-01-07
- ITV scraps SDN sale, prepares £120m bond plan
- The decision to cancel the sale of SDN, which operates various Freeview channel multiplexes, is part of a plan to address its pension deficit.ITV said it has entered into "preliminary discussions" with the trustees of the ITV Pension Fund over an arrangement under which SDN would provide asset backing to...
- News items 2009-10-13
- Escalade: All Debt Is Not Created Equal
- Saj Karsan submits: Regular readers know that, as value investors, we generally prefer companies with relatively low debt levels. The reason for this is that companies with low debt levels will fare much better than their competition during times of economic distress, providing for better downside risk protection. But looking...
- External links 2009-07-24
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