Results 261 to 270 of about 628,161 (304)

Corporate Debt Maturity Profiles

Journal of Financial Economics, 2018
Abstract We study a novel aspect of a firm’s capital structure, namely, the profile of its debt maturity dates. In a simple theoretical framework we show that the dispersion of debt maturities constitutes an important dimension of capital structure choice, driven by firm characteristics and debt rollover risk. Guided by these predictions we establish
Jaewon Choi, Josef Zechner, Dirk Hackbarth   +2 more
exaly   +3 more sources

On the Relevance of Debt Maturity Structure

The Journal of Finance, 1985
ABSTRACT In this paper, we present a tax‐induced framework to analyze debt maturity problems. We show that under some modifications of the existing U.S. tax code, debt maturity is irrelevant even in the presence of taxes and bankruptcy costs that yield an optimal capital structure.
Brick, Ivan E, Ravid, S Abraham
openaire   +1 more source

Debt Maturity and Lumpy Debt

SSRN Electronic Journal, 2016
I develop a dynamic capital structure model in which shareholders determine a firm's leverage ratio, debt maturity, and default strategy. In my model, the firm's debt matures all at once. Therefore, after repaying the principal shareholders own all the firm's cash flows and can pick a new capital structure.
openaire   +1 more source

Asset Maturity, Debt Covenants, and Debt Maturity Choice

Financial Review, 2000
AbstractThe existing research on debt‐maturity under asymmetric information has focused on the impact of differential information regarding asset quality on the debt maturity decision. This research has generally indicated the optimality of short‐term debt financing as a vehicle of mitigating the adverse selection problem. In this paper, I consider the
openaire   +1 more source

The Maturity Structure of Corporate Debt

The Journal of Finance, 1995
ABSTRACT We provide an empirical examination of the determinants of corporate debt maturity. Our evidence offers strong support for the contracting‐cost hypothesis. Firms that have few growth options, are large, or are regulated have more long‐term debt in their capital structure.
Barclay, Michael J, Smith, Clifford W, Jr   +1 more
openaire   +1 more source

Debt Maturity and Firm Maturity

2012
This paper contributes to the literature that examines the determinants of debt maturity. We show that a firm’s life-cycle stage is related to its debt maturity choice. In a sample of 91,011 firm-year observations containing 13,031 firms during the period 1976-2010, we show that proxies for firm maturity have significant explanatory power with regard ...
Zilong Liu, J. H. Thornton Jr.
openaire   +1 more source

The Determinants of the Maturity of Corporate Debt Issues

The Journal of Finance, 1996
ABSTRACTWe document the determinants of the term to maturity of 7,369 bonds and notes issued between 1982 and 1993. Our main finding is that large firms with investment grade credit ratings typically borrow at the short end and at the long end and of the maturity spectrum, while firms with speculative grade credit ratings typically borrow in the middle
Guedes, Jose, Opler, Tim
openaire   +2 more sources

ON CORPORATE DEBT MATURITY STRATEGIES

The Journal of Finance, 1976
debt. The debt maturity decision involves a consideration of both cost and risk elements. This paper will explore one dimension of the risk associated with different maturity policies: the effects of bond maturity upon the variance of net income, and subsequently on the firm's cost of equity capital.
openaire   +1 more source

Corporate Culture and Debt Maturity

International Review of Finance
This study investigates the relationship between corporate culture and debt maturity structure. Utilizing a text-based measure of corporate culture derived from a cutting-edge machine learning approach, we uncover a strong positive link between corporate culture and short-term debt usage.
Suzona Asad, Mostafa Monzur Hasan, Buhui Qiu   +2 more
openaire   +1 more source