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1、DeterminantsandRealImpactofDebtRollover：EvidencefromDebtReclassificationsDeterminantsandRealImpactofDebtRollover:EvidencefromDebtR*eclassificationsXinChangDivisionofBankingandFinanceNanyangBusinessSchoolNanyangTechnologicalUniversityYunlingChenDepartmentofFinanceHongKongUniversi
2、tyofScienceandTechnologySudiptoDasgupta#DepartmentofFinanceHongKongUniversityofScienceandTechnologyThisdraft:October2<>0<>09*WethankSumanBanerjee,HuashengGao,GillesHilary,Jun-kooKang,AndyKim,CliveLennox,Wei-linLiu,AngieLow,LilianNg,TomokiOshika,RobertBrooks,AmirSufi,LeiZhang,and
3、seminarparticipantsatHKUST,NanyangTechnologicalUniversity,UniversityofMelbourne,UniversityofNewSouthWales,UniversityofQueensland,WasedaUniversity,AsianFinanceAssociation2<>0<>09Conferenceforhelpfulcomments,discussions,andsuggestions>.WealsothankAmirSufiformakingthelinesofcredita
4、ndcovenantviolationdataavailableonhiswebsite>.ChangacknowledgesfinancialsupportfromAcademicResearchFundTier1providedbyMinistryofEducation(Singapore)undergrantnumbersSUGFY<>08,M58<>01<>0<>0<>06>.DasguptaacknowledgesresearchsupportfromHongKong’sResearchGrantCouncilundergrantNo>.HK
5、UST6499/<>06H>.#Correspondingauthor>.DepartmentofFinance,HongKongUniversityofScienceandTechnology,ClearWaterBay,Kowloon,HongKong>.E-mail:dasgupta@ust>.hk>.Tel:852-27><358-7685>.Fax:852-2<358-1749>.1DeterminantsandRealImpactofDebtRollover:EvidencefromDebtReclassificationsABSTRACT
6、Debtrollover,asanintegralaspectoffirms’financingdecisions,remainsrelativelyunderexploredbecauseitisdifficulttoidentifyempirically>.Debtreclassifications,whichindicateintentbyfirmstorollovertheirshort-termdebtonalong-termbasis,provideusauniqueopportunitytostudydebtrollover>.Recla
7、ssificationsaresurprisinglycommonamongS&P15<>0<>0firms>.Overthe1993-2<>0<>05period,onaverage,33%ofthefirmsreclassifyshort-termdebtaslong-termdebteachyear>.Amongfirmsthatreclassifyshort-termdebt,theaveragepercentageofreclassifieddebttototaldebtisashighas4<>0%>.Weempiricallyex
8、aminethefactorsthatdeterminethedecisionoffirmst
