The impact of interest rates on German companies- financing decisions between public debt and public equity - an analysis of the implications on the debt-to-equity ratio in the dax

Detalhes bibliográficos
Autor(a) principal: Moehrlein, Sarah Katharina
Data de Publicação: 2023
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10362/155938
Resumo: This thesis analyzes the effects of interest rates and credit risk on German companies’ public financing decision-making from 2002 to 2022, controlling for macroeconomic indicators. The results show that a 0.1% absolute increase in the 10-year-mid-swap rate leads to a 7.451% decrease in weekly bond issuances in the observed dataset. In contrast to debt issuances, equity issuances prove to be less affected by interest rates, and more impacted by credit risk in the market. When analyzing the exposure of the DAX’ debt-to-equity ratio to interest rates and credit risk, the results show a positive correlation between the 3-month-Euribor and the debt-to-equity ratio.
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spelling The impact of interest rates on German companies- financing decisions between public debt and public equity - an analysis of the implications on the debt-to-equity ratio in the daxDebt-to-equity ratioFinancing decisionsDaxInterest ratesDomínio/Área Científica::Ciências Sociais::Economia e GestãoThis thesis analyzes the effects of interest rates and credit risk on German companies’ public financing decision-making from 2002 to 2022, controlling for macroeconomic indicators. The results show that a 0.1% absolute increase in the 10-year-mid-swap rate leads to a 7.451% decrease in weekly bond issuances in the observed dataset. In contrast to debt issuances, equity issuances prove to be less affected by interest rates, and more impacted by credit risk in the market. When analyzing the exposure of the DAX’ debt-to-equity ratio to interest rates and credit risk, the results show a positive correlation between the 3-month-Euribor and the debt-to-equity ratio.Gavrilova, EkaterinaRUNMoehrlein, Sarah Katharina2023-07-28T13:31:33Z2023-01-112023-01-142023-01-11T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10362/155938TID:203311876enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T05:38:33Zoai:run.unl.pt:10362/155938Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:56:16.943182Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv The impact of interest rates on German companies- financing decisions between public debt and public equity - an analysis of the implications on the debt-to-equity ratio in the dax
title The impact of interest rates on German companies- financing decisions between public debt and public equity - an analysis of the implications on the debt-to-equity ratio in the dax
spellingShingle The impact of interest rates on German companies- financing decisions between public debt and public equity - an analysis of the implications on the debt-to-equity ratio in the dax
Moehrlein, Sarah Katharina
Debt-to-equity ratio
Financing decisions
Dax
Interest rates
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
title_short The impact of interest rates on German companies- financing decisions between public debt and public equity - an analysis of the implications on the debt-to-equity ratio in the dax
title_full The impact of interest rates on German companies- financing decisions between public debt and public equity - an analysis of the implications on the debt-to-equity ratio in the dax
title_fullStr The impact of interest rates on German companies- financing decisions between public debt and public equity - an analysis of the implications on the debt-to-equity ratio in the dax
title_full_unstemmed The impact of interest rates on German companies- financing decisions between public debt and public equity - an analysis of the implications on the debt-to-equity ratio in the dax
title_sort The impact of interest rates on German companies- financing decisions between public debt and public equity - an analysis of the implications on the debt-to-equity ratio in the dax
author Moehrlein, Sarah Katharina
author_facet Moehrlein, Sarah Katharina
author_role author
dc.contributor.none.fl_str_mv Gavrilova, Ekaterina
RUN
dc.contributor.author.fl_str_mv Moehrlein, Sarah Katharina
dc.subject.por.fl_str_mv Debt-to-equity ratio
Financing decisions
Dax
Interest rates
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
topic Debt-to-equity ratio
Financing decisions
Dax
Interest rates
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
description This thesis analyzes the effects of interest rates and credit risk on German companies’ public financing decision-making from 2002 to 2022, controlling for macroeconomic indicators. The results show that a 0.1% absolute increase in the 10-year-mid-swap rate leads to a 7.451% decrease in weekly bond issuances in the observed dataset. In contrast to debt issuances, equity issuances prove to be less affected by interest rates, and more impacted by credit risk in the market. When analyzing the exposure of the DAX’ debt-to-equity ratio to interest rates and credit risk, the results show a positive correlation between the 3-month-Euribor and the debt-to-equity ratio.
publishDate 2023
dc.date.none.fl_str_mv 2023-07-28T13:31:33Z
2023-01-11
2023-01-14
2023-01-11T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10362/155938
TID:203311876
url http://hdl.handle.net/10362/155938
identifier_str_mv TID:203311876
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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