<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0186-1042</journal-id>
<journal-title><![CDATA[Contaduría y administración]]></journal-title>
<abbrev-journal-title><![CDATA[Contad. Adm]]></abbrev-journal-title>
<issn>0186-1042</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-10422023000100114</article-id>
<article-id pub-id-type="doi">10.22201/fca.24488410e.2023.4477</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Multi-lender choice: Corporate bonds vs syndicated loans in mexican firms]]></article-title>
<article-title xml:lang="es"><![CDATA[Elección de deuda con múltiples acreedores: bonos corporativos vs créditos sindicados en las empresas mexicanas]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Adamuz Peña]]></surname>
<given-names><![CDATA[María de las Mercedes]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Hernández Cortés]]></surname>
<given-names><![CDATA[Janko]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Moreno Treviño]]></surname>
<given-names><![CDATA[Jorge Omar]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Instituto Tecnológico Autónomo de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Uiversidad Autónoma de Nuevo León  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2023</year>
</pub-date>
<volume>68</volume>
<numero>1</numero>
<fpage>114</fpage>
<lpage>140</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422023000100114&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422023000100114&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422023000100114&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract We study the long-term financing choice between syndicated loans and Mexican firms' issuance of public debt. We restrict our attention to those firms that issue securities in capital markets. Our findings suggest that the firm's size, the quality of its collateral, and credit quality play an important role in the outcome of choice. We also find that the marginal effects of these three characteristics are not consistent along their range of values. In particular, we found evidence that the credit quality of firms has a non-monotonic effect in the choice.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen En este trabajo estudiamos la elección de financiamiento a largo plazo entre créditos sindicados y la emisión de bonos de las empresas mexicanas. Restringimos nuestra atención a aquellas empresas que emiten títulos financieros en los mercados de capitales. Nuestros hallazgos sugieren que el tamaño de la empresa, la calidad de sus garantías, y su calidad crediticia, juegan un papel importante en el resultado de la elección. También encontramos que los efectos marginales de estas tres características no son consistentes a lo largo de su rango de valores. En particular, encontramos evidencia de que la calidad crediticia de las empresas tiene un efecto no monótono en la elección.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[capital structure]]></kwd>
<kwd lng="en"><![CDATA[syndicated loans]]></kwd>
<kwd lng="en"><![CDATA[corporate bond]]></kwd>
<kwd lng="en"><![CDATA[credit quality]]></kwd>
<kwd lng="es"><![CDATA[estructura de capital]]></kwd>
<kwd lng="es"><![CDATA[créditos sindicados]]></kwd>
<kwd lng="es"><![CDATA[bonos corporativos]]></kwd>
<kwd lng="es"><![CDATA[calidad crediticia]]></kwd>
</kwd-group>
</article-meta>
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