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CSPP : the impact on firms' capital structure

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Resumo:In 2016, the ECB launched the Corporate Sector Purchase Program with the aim of providing liquidity to firms. This new unconventional monetary policy was implemented from 2016 to 2018. In this thesis we study the effects of this program on firms´ capital structure. By taking a methodological approach similar to Grosse Rueschkamp (2019), we observe that public companies increased their level of Long Term Debt-to-Total Assets. Additionally, public companies decreased their level of Short-Term Debt-to-Total Assets. In consideration with private companies, they increased their level of Short-Term Debt-to-Total Assets.
Autores principais:Gonzalez Lopez, Antonio Jesus
Assunto:Leverage Short-term debt Monetary policy CSPP Aproveitar Dívida de curto prazo Política monetária
Ano:2023
País:Portugal
Tipo de documento:dissertação de mestrado
Tipo de acesso:acesso aberto
Instituição associada:Universidade Católica Portuguesa
Idioma:inglês
Origem:Veritati - Repositório Institucional da Universidade Católica Portuguesa

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