BIS paper contrasts firm financing in US and Asia

The Bank for International Settlements, Basel
Photo: Ulrich Roth

Firms in the US show a strong “U-shape relation” in their use of bond and loan financing, a pattern that differs from Asian countries, research published by the Bank for International Settlements finds.

Gregory Duffee and Peter Hördahl study the composition of debt among firms of different sizes from 2004 to 2019, trying to identify why some firms use so much more bond financing than others. They show that small and large US firms tend to use much more bond financing, while mid-sized firms tend

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