The impact of negative interest rates on corporate debt / Loubna LAMLI / 2020

Titre : The impact of negative interest rates on corporate debt : The case of European firms Type de document : Mémoire Auteurs : Loubna LAMLI, Auteur Année de publication : 2020 Importance : 27 p. Note générale : Pour accéder aux fichiers PDF, merci de vous identifier sur le catalogue avec votre compte Office 365 via le bouton CONNEXION en haut de page. Langues : Anglais (eng) Mots-clés : Management TAUX D'INTERET ; INVESTISSEMENT ; CAPITAL ; LIQUIDITE Résumé : This paper examines the impact of negative interest rates on corporate debt. This is a much less studied topic in the field related to the negative interest rate policy as all studies are primarily done on banks profitability and risk taking. The goal of this paper is to show how negative rates make non- financial European firms increase their long term investment but also their cash holdings and short term assets. The related literature suggests that leverage influence these results as there is a negative relation between debt and investment but also between leverage and cash holdings. Moreover the negative rate environment increased the use of senior bonds and notes. The method I chose is an empirical study by data visualization as it is the most suited for evaluating the consequences of the negative interest rate policy as seen in the balance sheet. The study will be made on a sample of twenty non-financial European companies chosen from EURO STOXX 50. Programme : PGE-Rouen Spécialisation : Finance d’Entreprise - Corporate Finance Permalink : https://cataloguelibrary.neoma-bs.fr/index.php?lvl=notice_display&id=531046