Multi-lender choice: Corporate bonds vs syndicated loans in mexican firms

María de las Mercedes Adamuz Peña; Janko Hernández Cortés; Jorge O. Moreno Treviño

Multi-lender choice: Corporate bonds vs syndicated loans in mexican firms

María de las Mercedes Adamuz Peña ^[1] ; Janko Hernández Cortés ^[1] ; Jorge Omar Moreno Treviño ^[2]
1. [1] Instituto Tecnológico Autónomo de México
  
  Instituto Tecnológico Autónomo de México
  
  México
2. [2] Universidad Autónoma de Nuevo León
  
  Universidad Autónoma de Nuevo León
  
  México
Localización: Contaduría y administración, ISSN 0186-1042, ISSN-e 2448-8410, Vol. 68, Nº. 1, 2023, págs. 114-140
Idioma: inglés
Títulos paralelos:
- Elección de deuda con múltiples acreedores: bonos corporativos vs créditos sindicados en las empresas mexicanas
Enlaces
- Texto completo (pdf)
Resumen
- español
  En este trabajo estudiamos la elección de financiamiento a largo plazo entre créditos sindicados y la emisión de bonos de las empresas mexicanas. Restringimos nuestra atención a aquellas empresas que emiten títulos financieros en los mercados de capitales. Nuestros hallazgos sugieren que el tamaño de la empresa, la calidad de sus garantías, y su calidad crediticia, juegan un papel importante en el resultado de la elección. También encontramos que los efectos marginales de estas tres características no son consistentes a lo largo de su rango de valores. En particular, encontramos evidencia de que la calidad crediticia de las empresas tiene un efecto no monótono en la elección
- English
  We study the long-term financing choice between syndicated loans and Mexican firms' issuance of public debt. We restrict our attention to those firms that issue securities in capital markets. Our findings suggest that the firm's size, the quality of its collateral, and credit quality play an important role in the outcome of choice. We also find that the marginal effects of these three characteristics are not consistent along their range of values. In particular, we found evidence that the credit quality of firms has a non-monotonic effect in the choice.
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