: the impact on firms´ capital structure

  • Antonio Jesus Gonzalez Lopez (Student)

Student thesis: Master's Thesis


In 2016, the ECB launched the Corporate Sector Purchase Program with the aim of providing liquidity to firms. This new unconventional monetary policy was implemented from 2016 to 2018. In this thesis we study the effects of this program on firms´ capital structure. By taking a methodological approach similar to Grosse Rueschkamp (2019), we observe that public companies increased their level of Long Term Debt-to-Total Assets. Additionally, public companies decreased their level of Short-Term Debt-to-Total Assets. In consideration with private companies, they increased their level of Short-Term Debt-to-Total Assets.
Date of Award25 Jan 2023
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorDiana Bonfim (Supervisor)


  • Leverage
  • Short-term debt
  • Monetary policy
  • CSPP


  • Mestrado em Finanças

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