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
Autor(a) principal: | |
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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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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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