The Role of Private and Public Debt in Corporate Capital Structures

John C. Easterwood and Palani-Rajan Kadapakkam

Financial Management, 1991, vol. 20, issue 3

Abstract: This paper examines the extent of reliance on private debt from 1980 through 1988 for a set of firms selected from Fortune 500 firms in 1980. The average firm in this set obtained more than half of its debt from private sources throughout the period, with a slight decline in the mid-1980's. Cross-sectional analysis reveals that a firm's reliance on private markets for debt financing is negatively related to the amount of outstanding long-term debt. Use of private debt is not linked to standard proxies for the potential for leverage-related costs for this group of firms.

Date: 1991
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