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Debt Maturity of Italian Firms [PDF]
SSRN Electronic Journal, 2006 In this paper we test different theories on debt maturity that can be ascribed to either the demand or the supply side of the market. Firm risk, asymmetric information, agency costs are all aspects that should be considered in the analysis. We also include leverage in the firm decision process regarding debt maturity, relying on a simultaneous ...
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Asset Maturity, Debt Covenants, and Debt Maturity Choice
Financial Review, 2000AbstractThe 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
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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.
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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.
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ON CORPORATE DEBT MATURITY STRATEGIES
The Journal of Finance, 1976debt. 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.
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Debt Covenants, Agency Costs and Debt Maturity
SSRN Electronic Journal, 2009Corporate debt maturity is a concave function of financial leverage when the debt has restrictive asset-based covenants attached. This concavity kicks in earlier with increasing covenant tightness and is absent when firms have no restrictive asset-based covenants.
Jamie Alcock +2 more
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Moral hazard and debt maturity
Journal of Financial IntermediationWe present a model of the maturity of a bank's uninsured debt. The bank borrows funds and chooses afterwards the riskiness of its assets. This moral hazard problem leads to an excessive level of risk. Short-term debt may have a disciplining effect on the bank's risk-shifting incentives, but it may lead to inefficient liquidation.
Gur Huberman, Rafael Repullo
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Corporate Culture and Debt Maturity
SSRN Electronic JournalAbstractThis 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 +2 more
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National Culture and Corporate Debt Maturity
SSRN Electronic Journal, 2011We investigate the influence of national culture on corporate debt maturity choice. Based on the framework of Williamson, we argue that culture located in social embeddedness level can shape contracting environments by serving as an informal constraint that affects human actors’ incentives and choices in market exchange.
Xiaolan Zheng +3 more
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Corporate Debt Maturity - An international comparison of firm debt maturity choices [PDF]
, 2014 This paper explores the determinants of debt maturity for a sample of 3306 non-financial listed firms from thirteen European countries (twelve countries of Euro Zone and United Kingdom) in 2011. According to literature, two sets of explanatory variables are included: (i) characteristics of firms and (ii) institutional environment.
Sandra Correia +2 more
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The Quarterly Review of Economics and Finance, 2000
Abstract The maturity structure of private debt decreases with inflation. I argue that this occurs because of the relative price variability that tends to accompany inflation. Additional variability in relative prices aggravates the temptations of debtors to increase risk at the expense of expected returns.
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Abstract The maturity structure of private debt decreases with inflation. I argue that this occurs because of the relative price variability that tends to accompany inflation. Additional variability in relative prices aggravates the temptations of debtors to increase risk at the expense of expected returns.
openaire +1 more source