tailieunhanh - How and Why Do Small Firms Manage Interest Rate Risk? Evidence from Commercial Loans

Third, the nature of gender inequalities varies from region to region and country to country. For example, in most middle-income countries in Latin America and the Caribbean, gender disparities in primary school enrollments are very small and, in some cases, favor girls over boys. However, issues such as ownership of land by poor women, gender inequalities in labor markets, returns to education, and gender violence remain important. In the transition countries of Eastern Europe, gender issues arise largely from the patterns associ- ated with the transition. Among men, this includes problems of health, alcoholism, violence, and increased mortality risks. Among women, the key issues include marked increases in poverty. | Federal Reserve Bank of New York Staff Reports How and Why Do Small Firms Manage Interest Rate Risk Evidence from Commercial Loans James Vickery Staff Report no. 215 August 2005 Revised September 2006 This paper presents preliminary findings and is being distributed to economists and other interested readers solely to stimulate discussion and elicit comments. The views expressed in the paper are those of the author and are not necessarily reflective of views at the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the author. How and Why Do Small Firms Manage Interest Rate Risk Evidence from Commercial Loans James Vickery Federal Reserve Bank of New York Staff Reports no. 215 August 2005 revised September 2006 JEL classification G21 G30 Although small firms are particularly sensitive to interest rates and other external shocks empirical work on corporate risk management has focused instead on large public companies. This paper studies fixed-rate and adjustable-rate loans to see how small firms manage their exposure to interest rate risk. Credit-constrained firms are found to match significantly more often with fixed-rate loans consistent with prior research showing that the supply of internal and external finance shrinks during periods of rising interest rates. Banks originate a higher share of adjustable-rate loans than other lender types ameliorating maturity mismatch and exposure to the lending channel of monetary policy. Time-series patterns in the share of fixed-rate commercial loans are consistent with recent evidence on debt market timing. Key words fixed-rate loan adjustable-rate loan corporate risk management interest rate risk Vickery Federal Reserve Bank of New York e-mail . This paper is a revised version of part of the author s doctoral thesis at the Massachusetts Institute of Technology. The author thanks his thesis advisers Ricardo Caballero David Scharfstein .

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