Global Dollar Credit and Carry Trades: A Firm-Level Analysis
Global Dollar Credit and Carry Trades: A Firm-Level Analysis
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全球美元信贷和套利交易：公司层面分析
DOI：
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发表时间：
2016
期刊：
影响因子：
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通讯作者：
H. Shin
中科院分区：
文献类型：
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作者：
Valentina Bruno;H. Shin
我们对非金融公司从美国以外以美元借款进行了公司层面的分析。该数据集将债券发行数据与公司层面的财务信息结合在一起。我们发现，现金持有量已经很高的公司更有可能发行以美元计价的债券，发行债券的收益会增加现金持有量。在美元套利交易更有利、新兴市场公司普遍存在的时期，增加现金的趋势更为明显。
We conduct a firm-level analysis of borrowing in US dollars by non-financial corporates from outside the United States. The dataset combines bond issuance data with firm-level financial information. We find that firms with already high cash holdings are more likely to issue US dollar-denominated bonds, and that the proceeds of the bond issue add to cash holdings. The tendency to add cash is more pronounced during periods when the dollar carry trade is more favourable and is prevalent for emerging market firms.