Chilean pension fund managers and corporate governance: The impact on corporate debt

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dc.contributor.authorSaona Hoffmann, Paolo Rodrigoes-ES
dc.contributor.authorJara, Mauricioes-ES
dc.contributor.authorSan Martin, Pabloes-ES
dc.contributor.authorLópez, Félixes-ES
dc.date.accessioned2020-04-15T22:20:14Z
dc.date.available2020-04-15T22:20:14Z
dc.date.issued2019-12-28es_ES
dc.descriptionArtículos en revistases_ES
dc.description.abstractSee abstract in Englishes-ES
dc.description.abstractIn this paper we analyse the relationship between the investment of Pension Fund Managers (AFPs) and the cost of corporate debt (public and private). Using a sample of 93 non-financial Chilean listed firms between 2009 and 2014, we find that AFPs increase the probability of issuing bonds. Moreover, in line with our crowding out hypothesis, we show that AFPs increase the cost of bank borrowing. In line with the monitoring view, we find that AFPs decrease bond yields. On average, our results suggest that AFPs improve corporate governance by influencing information disclosure and by reducing the intensity of lending relationships with banks.en-GB
dc.description.versioninfo:eu-repo/semantics/publishedVersiones_ES
dc.format.mimetypeapplication/pdfes_ES
dc.identifier.issn1062-9408es_ES
dc.identifier.urihttp://hdl.handle.net/11531/45674
dc.keywordsSee keywords in Englishes-ES
dc.keywordsPension fundsen-GB
dc.language.isoes-ESes_ES
dc.rightsCreative Commons Reconocimiento-NoComercial-SinObraDerivada Españaes_ES
dc.rights.accessRightsinfo:eu-repo/semantics/openAccesses_ES
dc.rights.holderes_ES
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/es/es_ES
dc.sourceRevista: The North American Journal of Economics and Finance, Periodo: 6, Volumen: 48, Número: 1, Página inicial: 321, Página final: 333es_ES
dc.titleChilean pension fund managers and corporate governance: The impact on corporate debtes_ES
dc.typeinfo:eu-repo/semantics/articlees_ES

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