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Working Capital Management$
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Lorenzo Preve and Virginia Sarria-Allende

Print publication date: 2010

Print ISBN-13: 9780199737413

Published to Oxford Scholarship Online: May 2010

DOI: 10.1093/acprof:oso/9780199737413.001.0001

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Short-term Debt

Short-term Debt

(p.104) 9 Short-term Debt
Working Capital Management

Lorenzo A. Preve (Contributor Webpage)

Virginia Sarria-Allende (Contributor Webpage)

Oxford University Press

In this chapter, we analyze alternative sources of short‐term financing, as well as useful criteria for managing them. We start by considering criteria for selecting optimal debt maturity structures. Next, we present alternative sources of short‐term debt, such as bank financing, factoring, asset‐backed securities, letters of credit, commercial paper, and bankers' acceptances. We continue by describing the typical covenants established around debt contracts. Finally, we discuss the optimal number of creditors and the objectives that a firm should consider in order to make this particular choice.

Keywords:   corporate finance, working capital management, short‐term debt, bank financing

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