Results 351 to 360 of about 661,121 (408)
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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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Corporate Debt Maturity and the Real Economy
Social Science Research Network, 2020How do firms manage debt maturity in the presence of investment opportunities? I document empirically at aggregate and firm levels that corporations lengthen their average maturity of debt when output and investment rates are larger and average credit ...
R. Yamarthy
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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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, 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
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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
Monetary Policy and Corporate Debt Maturity
Social Science Research Network, 2020Does monetary policy influence the maturity structure of corporate debt? We answer this question exploiting: i) time-series and firm-level data on debt maturity for the US corporate sector; ii) several proxies of FED monetary interest rate shocks.
Andrea Fabiani +2 more
semanticscholar +1 more source
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.
Frank Finn +2 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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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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Corporate debt maturity profiles
Journal of Financial Economics, 2018Abstract 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
Choi, Jaewon +2 more
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