/***********************************************************************************************************/
/***********************************************************************************************************/
*This do-file produces Figure 6 ("Loan Purposes")
* 
*Input
*- Master_Dealscan.dta
/***********************************************************************************************************/
/***********************************************************************************************************/


/****************************************************************/
/**********   0. Intros   ***************************************/
/****************************************************************/
set more off
global path "C:\Users\tobia\Dropbox\6_WIP Papers\Trends in Corporate Borrowing"

/****************************************************************/
/**********   1. Graph for the U.S.  *****************************/
/****************************************************************/

	use 	"$path/2_IntermediateFiles/Master_Dealscan.dta", clear
			
		keep 	if Country == "USA"
		keep if BaseRate == "LIBOR"
		keep if inlist(Currency, "United States Dollars")
			
		drop if LoanType3 == "Other"
		
		collapse (sum) FacilityAmt*, by(year LoanType3 PrimaryPurpose2) 
			
			*No observations for 2017-2019 for CPBackup, replace with FacilityAmt = 0
			local new = _N + 3
			set obs `new'
			replace year = 2017 if _n == _N-2
			replace year = 2018 if _n == _N-1
			replace year = 2019 if _n == _N
		
			replace FacilityAmt = 0 if FacilityAmt == .
			replace LoanType3 = "Revolver" if LoanType3 == ""
			replace PrimaryPurpose2 = "CPBackup" if PrimaryPurpose2 == ""
				
			*Facility Amount from USD mn to USD bn
			replace FacilityAmt = FacilityAmt/1000
		
		
			*Left-hand graph
		
			#d ;
			twoway 	(line FacilityAmt year if LoanType3 == "TermLoan" & PrimaryPurpose2 ==  "Corp. purposes", color (black))
					(line FacilityAmt year if LoanType3 == "TermLoan" & PrimaryPurpose2 ==  "Transactions (e.g. M&A, LBO)", color (black) lpattern(dash))
					(line FacilityAmt year if LoanType3 == "TermLoan" & PrimaryPurpose2 ==  "Other", color (gs12) lpattern(dash))	
					,legend(col(1) order(1 "Corporate Purposes" 2 "Transactions (e.g. M&A, LBO)" 3 "Other"))
					title("Term Loans")
					xtitle("Year") ytitle("Facility Amount in USD bn") ylabel(0(100)800, labsize(small) angle(90) nogrid)
					xlabel(2002(1)2019, labsize(small) angle(vertical)) xmtick(2002(1)2019, nolabels ticks)
					graphregion(fcolor(white) lcolor(white) ifcolor(white) ilcolor(white))
					name(A, replace);
				#d cr		
			
					
			*Right-hand graph
			#d ;
			twoway 	(line FacilityAmt year if LoanType3 == "Revolver" & PrimaryPurpose2 ==  "Corp. purposes", color (black))
					(line FacilityAmt year if LoanType3 == "Revolver" & PrimaryPurpose2 ==  "Transactions (e.g. M&A, LBO)", color (black) lpattern(dash))
					(line FacilityAmt year if LoanType3 == "Revolver" & PrimaryPurpose2 ==  "CPBackup", color (gs12))
					(line FacilityAmt year if LoanType3 == "Revolver" & PrimaryPurpose2 ==  "WC", color (gs12) lpattern(dash) )
					(line FacilityAmt year if LoanType3 == "Revolver" & PrimaryPurpose2 ==  "Other", color (gs12) lpattern(dot))
					,legend(col(1) order(1 "Corporate Purposes" 2 "Transactions (e.g. M&A, LBO)" 3 "CP Backup" 4 "Working Capital" 5 "Other"))
					title("Revolver")
					xtitle("Year") ytitle("Facility Amount in USD bn") ylabel(0(100)800, labsize(small) angle(90) nogrid)
					xlabel(2002(1)2019, labsize(small) angle(vertical)) xmtick(2002(1)2019, nolabels ticks)
					graphregion(fcolor(white) lcolor(white) ifcolor(white) ilcolor(white))
					name(B, replace);
			#d cr		

			*Combine graphs into one figure
			graph combine A B, graphregion(fcolor(white) lcolor(white) ifcolor(white) ilcolor(white))		
			graph		export "$path/3_Results/Figure5.pdf", replace
			graph		export "$path/3_Results/Figure5.png", replace
		
	
	
	
/****************************************************************/
/**********   1. Graph for Europe  *****************************/
/****************************************************************/

	use 	"$path/2_IntermediateFiles/Master_Dealscan.dta", clear
			
		*Sample (similar as for US, but with additional restrictions on base rate and currency)
		keep if inlist(Country, "Austria", "Belgium", "Germany", "Finland", "France", "Greece", "Ireland", "Italy", "Luxembourg") | inlist(Country, "Netherlands", "Portugal", "Spain")	
		*keep if inlist(BaseRate, "LIBOR", "Euribor")
		keep if inlist(Currency, "Euro", "United Kingdom Pounds", "United States Dollars")
				
			
		drop if LoanType3 == "Other"
		
		collapse (sum) FacilityAmt*, by(year LoanType3 PrimaryPurpose2) 
			
			*No observations for 2017-2019 for CPBackup, replace with FacilityAmt = 0
			local new = _N + 3
			set obs `new'
			replace year = 2017 if _n == _N-2
			replace year = 2018 if _n == _N-1
			replace year = 2019 if _n == _N
		
			replace FacilityAmt = 0 if FacilityAmt == .
			replace LoanType3 = "Revolver" if LoanType3 == ""
			replace PrimaryPurpose2 = "CPBackup" if PrimaryPurpose2 == ""
				
			*Facility Amount from USD mn to USD bn
			replace FacilityAmt = FacilityAmt/1000
		
		
			*Left-hand graph
		
			#d ;
			twoway 	(line FacilityAmt year if LoanType3 == "TermLoan" & PrimaryPurpose2 ==  "Corp. purposes", color (black))
					(line FacilityAmt year if LoanType3 == "TermLoan" & PrimaryPurpose2 ==  "Transactions (e.g. M&A, LBO)", color (black) lpattern(dash))
					(line FacilityAmt year if LoanType3 == "TermLoan" & PrimaryPurpose2 ==  "Other", color (gs12) lpattern(dash))	
					,legend(col(1) order(1 "Corporate Purposes" 2 "Transactions (e.g. M&A, LBO)" 3 "Other"))
					title("Term Loans")
					xtitle("Year") ytitle("Facility Amount in USD bn") ylabel(0(100)400, labsize(small) angle(90) nogrid)
					xlabel(2002(1)2019, labsize(small) angle(vertical)) xmtick(2002(1)2019, nolabels ticks)
					graphregion(fcolor(white) lcolor(white) ifcolor(white) ilcolor(white))
					name(A, replace);
				#d cr		
			
					
			*Right-hand graph
			#d ;
			twoway 	(line FacilityAmt year if LoanType3 == "Revolver" & PrimaryPurpose2 ==  "Corp. purposes", color (black))
					(line FacilityAmt year if LoanType3 == "Revolver" & PrimaryPurpose2 ==  "Transactions (e.g. M&A, LBO)", color (black) lpattern(dash))
					(line FacilityAmt year if LoanType3 == "Revolver" & PrimaryPurpose2 ==  "CPBackup", color (gs12))
					(line FacilityAmt year if LoanType3 == "Revolver" & PrimaryPurpose2 ==  "WC", color (gs12) lpattern(dash) )
					(line FacilityAmt year if LoanType3 == "Revolver" & PrimaryPurpose2 ==  "Other", color (gs12) lpattern(dot))
					,legend(col(1) order(1 "Corporate Purposes" 2 "Transactions (e.g. M&A, LBO)" 3 "CP Backup" 4 "Working Capital" 5 "Other"))
					title("Revolver")
					xtitle("Year") ytitle("Facility Amount in USD bn") ylabel(0(100)400, labsize(small) angle(90) nogrid)
					xlabel(2002(1)2019, labsize(small) angle(vertical)) xmtick(2002(1)2019, nolabels ticks)
					graphregion(fcolor(white) lcolor(white) ifcolor(white) ilcolor(white))
					name(B, replace);
			#d cr		

			*Combine graphs into one figure
			graph combine A B, graphregion(fcolor(white) lcolor(white) ifcolor(white) ilcolor(white))		
			graph		export "$path/3_Results/Figure5 (Europe).pdf", replace
			graph		export "$path/3_Results/Figure5 (Europe).png", replace