Resumo

ADAMUZ PENA, María de las Mercedes; HERNANDEZ CORTES, Janko  e  MORENO TREVINO, Jorge Omar. Multi-lender choice: Corporate bonds vs syndicated loans in mexican firms. Contad. Adm [online]. 2023, vol.68, n.1, pp.114-140.  Epub 14-Jan-2025. ISSN 0186-1042.  https://doi.org/10.22201/fca.24488410e.2023.4477.

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.

Palavras-chave : capital structure; syndicated loans; corporate bond; credit quality.

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