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Debt maturity and SMEs: Do auditor’s quality and ownership structure matter?
Journal of Small Business Management, 2021This study analyzes the two corporate governance mechanisms that affect the debt maturity structure of small and medium-sized enterprises (SMEs) listed on the Alternative Investment Market (AIM): Big 4 auditors and the firms’ ownership structure ...
Isabel Feito-Ruiz +2 more
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Short Debt Maturity and Corporate Investment: New Evidence from Chinese Listed Firms
Emerging markets finance & trade, 2021Using a dataset on Chinese listed firms, we study the impact of short debt maturity on capital expenditures. In contrast to the empirical findings from most of the previous works that rely on the US firm-level datasets, our results show that firms invest
Zhixiao Wang, Qin Wang, Mingli Xu
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SSRN Electronic Journal, 2015
We study a dynamic setting in which a firm chooses its debt maturity structure and default timing endogenously, both without commitment. The firm, who is waiting for the arrival of an upside event, commits to keep its outstanding bond face-values constant, but controls its debt maturity structure via the fraction of newly issued short-term bonds when ...
Zhiguo He, Konstantin Milbradt
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We study a dynamic setting in which a firm chooses its debt maturity structure and default timing endogenously, both without commitment. The firm, who is waiting for the arrival of an upside event, commits to keep its outstanding bond face-values constant, but controls its debt maturity structure via the fraction of newly issued short-term bonds when ...
Zhiguo He, Konstantin Milbradt
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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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Tax avoidance and debt maturity in SMEs
Journal of International Financial Management & AccountingWe investigate how tax avoidance affects the maturity structure of debt in firms where tax avoidance costs are presumably low, namely SMEs. Previous research has shown that creditors of listed tax‐avoiding companies impose shorter maturities to more ...
J. P. Sánchez-Ballesta, José Yagüe
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Financial leverage, debt maturity, future financing constraints and future investment
, 2020Purpose - This paper aims to investigate the impact of debt maturity on the relationship between financial leverage and future financing constraints. Moreover, it attempts to analyze the moderating role of short-term debt and the mediating role of future
Ehsan Poursoleiman +2 more
semanticscholar +1 more source
Market differences and adjustment speed of debt, equity, and debt maturity
Australian Journal of Management, 2020This article investigates the role of market differences and the global financial crisis 2007–2009 (GFC) on the adjustment speed of debt issuance, equity issuance, and debt maturity.
Hasan Tekin
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