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What is Interest Rate Swaps and Financing Costs about?

This paper examines how interest rate swaps may reduce financing costs for firms. It reconciles claims that swaps allow "comparative advantage" financing with academic skepticism of that view. The findings suggest that combining short-term debt with interest rate swaps can reduce agency costs for high-risk firms by allowing them to reduce interest rate risk without changing investment policy. Short-term debt addresses under-investment incentives but not risk shifting, while callable bonds may fail to fully

Author

erererehgjdsassdf

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EN