Journal Article
Corporate refinancing in the 1990s
Remolona, Eli M.; Ruud, Judith S.; McCauley, Robert N.; Iacono, Frank (1992-01)
U.S. corporations have floated stocks and bonds in unprecedented amounts in the last year. How much have corporate treasurers reduced their firms' interest payments through such refinancing? After assessing the motives for refinancing, the authors estimate the aggregate interest savings achieved through equity issuance, bond calls, and bond sales and compare the effectiveness of refinancing and lower short-term interest rates in easing the interest burden on U.S. corporations' cash flows.
Quarterly Review , Volume 17 , Issue Win , Pages 1-27