The impact of unconventional monetary policy on firm financing constraints: Evidence from the maturity extension program

被引：69

作者：

Foley-Fisher, Nathan ^{[1
]}

Ramcharan, Rodney ^{[2
]}

Yu, Edison ^{[3
]}

机构：

[1] Fed Reserve Board Governors, 20th & C St NW, Washington, DC 20551 USA

[2] Univ Southern Calif, Price Sch Publ Policy, 650 Childs Way, Los Angeles, CA 90089 USA

[3] Fed Reserve Bank Philadelphia, Ten Independence Mall, Philadelphia, PA 19106 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2016年 / 122卷 / 02期

关键词：

Unconventional monetary policy; Firm-financial constraints; Bond markets; CORPORATE-DEBT MATURITY; CAPITAL STRUCTURE; INTEREST-RATES; TERM; DETERMINANTS; INVESTMENT; LIQUIDITY; CASH;

D O I：

10.1016/j.jfineco.2016.07.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates the impact of unconventional monetary policy on firm financial constraints using the maturity extension program (MEP). Consistent with bond market segmentation and limits to arbitrage, around the MEP's announcement, stock prices rose for those firms more dependent on longer-term debt. These firms also issued more long-term debt during the MEP and expanded employment and investment. There is also evidence of "reach for yield" behavior, as the demand for riskier corporate debt also increased. Our results suggest that unconventional monetary policy might have relaxed financial constraints for some firms by inducing gap-filling behavior and affecting bond market risk premia. (C) 2016 Elsevier B.V. All rights reserved.

引用

页码：409 / 429

页数：21

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