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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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On the relationship between the debt ratio and debt maturity
Applied Economics Letters, 1995The relationship between government debt and the maturity of government debt is analysed for eight OECD countries. It is found that the negative relationship between debt and effective maturity as reported by Missale and Blanchard (1994) for Ireland and Italy can also be found for some other countries with lower debt ratios.
A Hilder, BJ Sikken, J deHaan
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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 Maturity Structure and Liquidity Risk
, 1991This paper analyzes debt maturity structure for borrowers with private information about their future credit rating. Borrowers' projects provide them with rents that they cannot assign to lenders.
Douglas W. Diamond
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Debt Maturity and Financial Integration [PDF]
SSRN Electronic Journal, 2012 This study applies the panel convergence methodology developed by Philips and Sul (2007) on the debt maturity ratios of a set of firms in developed economies, to explore the effects of credit market integration on debt maturity choices. In contrast to prior studies, our methodology allows for a formal quantification of the integration process ...
Kostas Koufopoulos +2 more
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Group affiliation and corporate debt maturity: Co-insurance or expropriation
, 2020PurposeWe examine how business group affiliation affects corporate debt maturity.Design/methodology/approachThis study employs the financial data of all listed Indian companies obtained from the CMIE database for 2011–2018.
Jagan Kumar Sur, Yogesh Chauhan
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The Determinants of the Maturity of Corporate Debt Issues
The Journal of Finance, 1996ABSTRACTWe 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
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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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On the Signalling Role of Debt Maturity
Topics in Theoretical Economics, 2006This paper focuses on the signalling role of debt maturity. The main novelty of the paper is that it analyzes a setting in which high quality firms use collateral as a complementary device along with debt maturity to signal their superiority. Model simulations suggest a non-monotonic relationship between firm quality and debt maturity, in which high ...
Robert Lensink, Thi Thu Tra Pham
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