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dc.contributor.advisorStarks, Laura T.
dc.contributor.advisorSialm, Clemens
dc.creatorZhu, Qifei
dc.date.accessioned2018-08-07T14:25:24Z
dc.date.available2018-08-07T14:25:24Z
dc.date.created2018-05
dc.date.issued2018-06-18
dc.date.submittedMay 2018
dc.identifierdoi:10.15781/T2BZ61S38
dc.identifier.urihttp://hdl.handle.net/2152/65970
dc.description.abstractThis dissertation examines how investment behavior of bond mutual funds affects corporate bond issuance decisions. Mutual funds that hold existing bonds of a company have a high propensity to acquire new bonds from the same firm. Therefore, capital flows to a firm's existing bondholders affects firm-specific capital supply. Companies with higher bondholder flow are more likely to issue bonds, while substituting away from equity financing and bank loans. These firms also enjoy lower bond financing costs. I find consistent results using Bill Gross' resignation as an exogenous shock to the capital supply of PIMCO's portfolio companies.
dc.format.mimetypeapplication/pdf
dc.subjectMutual fund flows
dc.subjectBond issuance
dc.subjectCapital structure
dc.titleCapital supply and corporate bond issuances : evidence from mutual fund flows
dc.typeThesis
dc.date.updated2018-08-07T14:25:24Z
dc.contributor.committeeMemberCohn, Jonathan
dc.contributor.committeeMemberAlmazan, Andres
dc.contributor.committeeMemberAbrevaya, Jason
dc.description.departmentFinance
thesis.degree.departmentFinance
thesis.degree.disciplineFinance
thesis.degree.grantorThe University of Texas at Austin
thesis.degree.levelDoctoral
thesis.degree.nameDoctor of Philosophy
dc.creator.orcid0000-0002-4047-461X
dc.type.materialtext


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