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The Choice between Public and Private Debt by Japanese Firms

Yasuhiro Arikawa

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Abstract

The purpose of this paper is to investigate the choice of corporate financing between public and private debt.Focusing on the drastic change of financing pattern during the period of financial liberalization from the mid 1980s to the mid 2000s, this paper examines what factors determine the demand for public and private debt.We find that the growth opportunity and default risk of the issuing firm are the main determinants of the debt choice in this period.

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What this paper is about

The purpose of this paper is to investigate the choice of corporate financing between public and private debt.Focusing on the drastic change of financing pattern during the period of financial liberalization from the mid 1980s to the mid 2000s, this paper examines what factors determine the demand for public and private debt.We find that the growth opportunity and default risk of the issuing firm are the main determinants of the debt choice in this period.

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Available abstract

The purpose of this paper is to investigate the choice of corporate financing between public and private debt.Focusing on the drastic change of financing pattern during the period of financial liberalization from the mid 1980s to the mid 2000s, this paper examines what factors determine the demand for public and private debt.We find that the growth opportunity and default risk of the issuing firm are the main determinants of the debt choice in this period.

Key concepts: Bond, Debt, Liberalization, Finance, Financial system, Business, Debt ratio, Asset (computer security)

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