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Please use this identifier to cite or link to this item: https://dspace.lboro.ac.uk/2134/5454

Title: The role of bond finance in firms' survival during the Asian crisis
Authors: Spaliara, Marina-Eliza
Tsoukas, Serafeim
Keywords: Bond financing
Financial crisis
Firm survival
East Asia
Issue Date: 2009
Publisher: © Loughborough University
Series/Report no.: Loughborough University. Department of Economics. Discussion Paper Series;WP 2009 - 17
Abstract: 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.
Description: This is a working paper. It is also available at: http://ideas.repec.org/p/lbo/lbowps/2009_17.html
Version: Published
URI: https://dspace.lboro.ac.uk/2134/5454
ISSN: 1750-4171
Appears in Collections:Working Papers (Economics)

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