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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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, 2020
PurposeCorporate boards monitor managerial decisions as concluded by the monitoring hypothesis. In this scenario, the present study stresses that leverage decisions can be used as a tool to control insolvency risk.Design/methodology/approachThis study ...
R. Y. Hussain +4 more
semanticscholar +1 more source
PurposeCorporate boards monitor managerial decisions as concluded by the monitoring hypothesis. In this scenario, the present study stresses that leverage decisions can be used as a tool to control insolvency risk.Design/methodology/approachThis study ...
R. Y. Hussain +4 more
semanticscholar +1 more source
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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Corporate carbon risk, voluntary disclosure and debt maturity
, 2020This study aims to investigate the association between corporate carbon risk and debt maturity and the moderating role of voluntary disclosure, within the context of South Africa, an emerging player in the climate policy debate.,Based on the insights ...
Tesfaye T. Lemma +4 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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Crash risk and debt maturity: evidence from Australia
, 2020Purpose: The purpose of this paper is to examine the association between debt maturity structure and stock price crash risk in Australia. Design/methodology/approach: The authors employ panel data estimation with industry and year fixed effects.
M. Hasan +3 more
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Debt Maturity Heterogeneity and Investment Responses to Monetary Policy
European Economic Review, 2020We study how debt maturity heterogeneity determines firm-level investment responses to monetary policy shocks. We first document that debt maturity significantly affects the responses of firm-level investment to conventional monetary policy shocks: firms
Minjie Deng, Min Fang
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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.
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Debt Maturity, Leverage, and Political Uncertainty
SSRN Electronic Journal, 2018Abstract This study investigates the effects of political uncertainty (PU) on corporate debt maturity and leverage using a novel measure of firm-specific PU. We find that PU is negatively associated with debt maturity and leverage. Furthermore, the negative effects of PU on debt maturity and leverage are more pronounced for firms with greater ...
Wei-Fong Pan +2 more
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