Debt Specialization
利用美国上市公司债务类型的新数据库，发现85%的公司主要使用一种债务，且债务专业化程度因公司规模与评级而异，小公司更倾向于专业化，这与其较高的破产成本、信息不透明及市场准入限制有关。
ABSTRACT This paper examines debt structure using a new and comprehensive database on types of debt employed by public U.S. firms. We find that 85% of the sample firms borrow predominantly with one type of debt, and the degree of debt specialization varies widely across different subsamples—large rated firms tend to diversify across multiple debt types, while small unrated firms specialize in fewer types. We suggest several explanations for why debt specialization takes place, and show that firms employing few types of debt have higher bankruptcy costs, are more opaque, and lack access to some segments of the debt markets.