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| Author: | Keloharju, M. Niskanen, M. |
| Title: | Why do firms raise foreign currency denominated debt? Evidence from Finland |
| Journal: | European Financial Management
2001 : DEC, VOL. 7:4, p. 481-496 |
| Index terms: | CURRENCY DEBT HEDGING SPECULATION FINLAND |
| Language: | eng |
| Abstract: | This study examines the determinants of the decision to raise currency debt. The results suggest that hedging figures importantly in the currency-of-denomination decision: firms in which exports constitute a significant fraction of net sales are more likely to raise currency debt. However, firms also tend to borrow in periods when the nominal interest rate for the loan currency, relative to other currencies, is lower than usual. |
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