Corporate refinancing in the 1990s

Frank Iacono, Robert McCauley, Eli Remolona and Judith S. Ruud

Quarterly Review, 1992, vol. 17, issue Win, 1-27

Abstract: U.S. corporations have floated stocks and bonds in unprecedented amounts in the last year. How much have corporate treasurers reduced their firms' interest payments through such refinancing? After assessing the motives for refinancing, the authors estimate the aggregate interest savings achieved through equity issuance, bond calls, and bond sales and compare the effectiveness of refinancing and lower short-term interest rates in easing the interest burden on U.S. corporations' cash flows.

Keywords: Corporations - Finance; Interest rates (search for similar items in EconPapers)
Date: 1992
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