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Our results suggest that the negative impact of refinancing risks and the monitoring role of short-term debtholders subdue the positive impact of a high level of institutional ownership on CSR-firm value relation during the crisis.
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The mortgages trapped homeowners in a cycle of refinancing.
This drove mortgage rates down and prompted waves of refinancing.
7 drawbacks of refinancing your debt.
Familiarize yourself with the mechanics of refinancing.
In the subsequent section, we highlight the impact of the chosen refinancing policy on the levered firm value.
Colorado, $70 million of University of Colorado refinancing certificates of participation.
Wisconsin, $269 million of refinancing bonds.
United Nations Development Corporation, $110 million of refinancing bonds.
Florida Government Utility Authority, $62 million of refinancing revenue bonds.
University of North Texas, $55 million of refinancing revenue bonds.
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