The role of bond finance in firms' survival during the Asian crisis
Marina-Eliza Spaliara () and
Serafeim Tsoukas ()
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Serafeim Tsoukas: Dept of Economics, Nottingham University
Discussion Paper Series from Department of Economics, Loughborough University
In this paper we assess the effects of bond financing on firms' survival during the 1997-98 Asian crisis. Using a novel database covering the period 1995 to 2007 for five Asian economies most affected by the crisis - Indonesia, Korea, Malaysia, Singapore and Thailand - we find strong evidence that the Asian crisis affected both directly and indirectly (through interactions with financial indicators) the probability of survival. More importantly, we show that bond issuers, irrespective of the currency denomination, are more likely to survive compared to non-issuers. Nevertheless, only firms issuing bonds in local currency are shielded from the adverse effects of the crisis.
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Working Paper: The Role of Bond Finance in Firms' Survival During the Asian Crisis (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:lbo:lbowps:2009_17
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