Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/95683
Authors: 
Huynh, Kim P.
Paligorova, Teodora
Petrunia, Robert
Year of Publication: 
2013
Series/Report no.: 
Bank of Canada Working Paper 2013-36
Abstract: 
A large body of empirical literature investigates differences in financing structures across firms. Private firms' financing receives little attention due to the lack of data. Using administrative confidential data on the universe of Canadian corporate firms, we compare financing relationships for private and public firms. Leverage ratios are lower for public firms and the difference is almost entirely driven by private firms' stronger reliance on short-term debt. We also find that private and public firms' debt financing responds differently to industry shocks. In periods of positive industry shocks, private firms rely more on long-term debt than public firms, while the former use more short-term debt when industry conditions deteriorate.
Subjects: 
Financial markets
Credit and credit aggregates
JEL: 
G30
L11
Document Type: 
Working Paper

Files in This Item:
File
Size
209.88 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.