Debt source choices and stock market performance of Russian firms during the financial crisis |
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| Institution: | 1. Department of Economics and Law, University of Macerata, Italy;2. ISTAT, Italian National Institute of Statistics, Rome, Italy;1. Department of Finance, National University of Kaohsiung, Taiwan;2. Department of Real Estate & Built Environment, National Taipei University, Taiwan;1. Department of Banking and Finance, Faculty of Economics and Business, Monash University, VIC, Australia;2. Department of Finance and Banking, Curtin Business School, Curtin University of Technology, WA, Australia;1. Pennsylvania State University, School of Graduate Professional Studies, Malvern, PA, USA;2. Chulalongkorn University, SASIN Graduate Institute of Business Administration, Bangkok, Thailand;3. Central University of Finance and Economics (CUFE), Beijing, China;4. Northern Kentucky University, Haile/US Bank College of Business, Highland Heights, KY, USA |
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| Abstract: | This paper examines the relationship between stock returns and the sources of corporate debt during the financial crisis of 2008. In particular, using data on large-capitalization Russian firms, we investigate whether dependence on either bank debt or bonds affected stock returns during the credit crunch. Our results indicate that the firms which rely entirely on bank debt significantly outperformed the firms with public debt amidst the crisis. This finding suggests that bank debt may be particularly valuable in harsh times. However, we also document that the stock prices of the bank dependent firms recovered more slowly in the post-crisis period. |
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