Aller au contenu principal
A propos d'HEC A propos d'HEC Faculté et Recherche Faculté et Recherche Grande Ecole
& Masters Grande Ecole
& Masters
MBA Programs MBA Programs Programme PhD Programme PhD Executive Education Executive Education Summer School Summer School HEC Online HEC Online
A propos d'HEC En bref En bref Qui sommes-nous ? Qui sommes-nous ? Egalité des chances Egalité des chances Centre Carrières Centre Carrières International International Vie du campus Vie du campus Développement durable Développement durable Diversité et inclusion Diversité et inclusion Stories Stories Fondation HEC Fondation HEC Faculté et Recherche À propos À propos Corps professoral Corps professoral Départements Départements Centres Centres Chaires Chaires Knowledge Knowledge Grande Ecole
& Masters
Programme
Grande Ecole Programme
Grande Ecole
MSc International
Finance MSc International
Finance
MS et MSc MS et MSc Programmes
X-HEC Programmes
X-HEC
Doubles Diplômes
en Admission directe Doubles Diplômes
en Admission directe
Visiting
students Visiting
students
Certificats Certificats Vie
Etudiante Vie
Etudiante
Student
Stories Student
Stories
MBA Programs MBA MBA Executive MBA Executive MBA TRIUM EMBA TRIUM EMBA Programme PhD Overview Overview HEC Difference HEC Difference Program details Program details Research areas Research areas HEC Community HEC Community Placement Placement Job Market Job Market Admissions Admissions Financing Financing Executive Education Executive Mastères Executive Mastères Certificats Executive Certificats Executive Programmes courts Executive Programmes courts Executive Online Online Formez vos équipes Formez vos équipes Executive MBA Executive MBA Summer School Youth programs Youth programs Summer programs Summer programs HEC Online En bref En bref Programme diplômant Programme diplômant Certificats Executive Certificats Executive MOOCs MOOCs
Faculté et Recherche

The Corporate Supply of (Quasi) Safe Assets - Lira Mota

08 avr
2021
15H00
Jouy-en-Josas
Anglais

Participer

Ajouter au calendrier
2021-04-08T15:00:00 2021-04-08T16:00:00 The Corporate Supply of (Quasi) Safe Assets - Lira Mota Finance Speaker : Lira Mota (Columbia)  Videoconference Jouy-en-Josas

Finance

Speaker : Lira Mota (Columbia)

Videoconference

Investors value safety services in nancial assets, such as the ability to serve as a store of value, to serve as collateral, or to meet mandatory capital and liquidity requirements. I present a model in which investors value safety services not only in traditional safe assets such as US Treasuries, but also in corporate debt. Shareholders thus maximize the value of the rm by complementing standard business operations with safe asset creation. Based on this theoretical framework, I use the CDS-bond basis to derive a measurement of the safety premium of corporate bonds. I document substantial cross sectional variation in the safety premium of corporate bonds, which allows me to test the model's predictions. I show that a high safety premium leads to a marked increase in debt issuance by relatively safer rms. These debt proceeds have a small impact on real investment and are largely used instead for equity payouts. This mechanism can explain why, in the aftermath of the nancial crisis, non- nancial investment grade companies signi cantly increased their debt issuance and equity payout while investment remained weak.

Cliquez ici pour télécharger le papier

 

Participer

Ajouter au calendrier
2021-04-08T15:00:00 2021-04-08T16:00:00 The Corporate Supply of (Quasi) Safe Assets - Lira Mota Finance Speaker : Lira Mota (Columbia)  Videoconference Jouy-en-Josas