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Firm value and risk management in credit agreements
Editeur(s)
Date de parution
2014
Résumé
In this dissertation, I analyze the proxies used in literature as the determinants of firm value to identify the core variables in modeling firm value. Using these variables, I evaluate the impact of interest rate derivatives on firm value. More specifically, I find that interest rate derivatives imposed in credit agreements has a positive impact on firm value in contrast to those used voluntarily for which the motive behind the use of derivatives is not clear for equity holders. The impact of systematic risk in placement structure of debt is also studied. I show that the impact of systematic risk on cost of debt is higher for public debts compared to those for private credit agreements. However, the emergence of loan secondary market diminishes this difference.
Notes
Thèse de doctorat : Université de Neuchâtel, 2014 ; 2441
Identifiants
Type de publication
doctoral thesis
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