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Debt Maturity Structure and Firm Investment
Financial Management, 2005This study shows that the maturity structure of a firm's debt has a significant impact on its investment decisions. We show, after controlling for the effect of the overall level of leverage, that a higher percentage of long-term debt in total debt significantly reduces investment for firms with high growth opportunities.
Varouj A. Aivazian, Ying Ge, Jiaping Qiu
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On the irrelevance of the maturity structure of government debt without commitment
Games and Economic Behavior, 2001zbMATH Open Web Interface contents unavailable due to conflicting licenses.
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Debt Maturity Structure and Liquidity Shocks
SSRN Electronic Journal, 2018We analyze the role of a firm's debt maturity structure when refinancing its debt after a liquidity shock that reduces the firm's cash flow. Staggered debt diminishes the share of outstanding debt that a firm has to refinance at any given time, which should be most beneficial for highly levered firms.
Kolm, Julian +2 more
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Debt Maturity Structure and Liquidity Risk
The Quarterly Journal of Economics, 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. The optimal maturity structure trades off a preference for short maturity due to expecting their credit rating to improve, against liquidity risk.
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Maturity and Repayment Structure of Sovereign Debt [PDF]
, 2014 This paper studies the maturity, timing and relative size of repayments for sovereign debt. Using Bloomberg bond data for emerging economies, we document that sovereigns issue debt with shorter maturity but more back-loaded repayments during downturns. To account for this pattern, we study a sovereign-default model of a small open economy which issues ...
Seon Tae Kim, Gabriel Mihalache, Yan Bai
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Union Power and the Debt Maturity Structure
SSRN Electronic Journal, 2016How do powerful unions affect firms' debt maturity structure? I find that firms increase the fraction of long term debt as a response to unionization while keeping their leverage ratio unchanged. Using a regression discontinuity design I estimate that unionized firms increase by 25% the fraction of long-term debt as compared to union-free firms.
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Debt maturity structure of Chinese companies
Pacific-Basin Finance Journal, 2008Numerous studies have focused on the theoretical and empirical aspects of corporate capital structure since the 1960s. As a new branch of capital structure, however, debt maturity structure has not yet received as much attention as the debt-equity choice.
Guney, Yilmaz +2 more
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Inventory Management and Debt Maturity Structure
Production and Operations Management, 2017The current literature on the coordination of operations and finance does not differentiate long‐ and short‐term debts and therefore is silent on how firms’ debt maturity structure affects their short‐run financial and operational decisions.
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Managing the maturity structure of government debt
Journal of Monetary Economics, 2007Abstract It is known that a government can implement the optimal complete-market Ramsey allocations by issuing non-contingent bonds of different maturities. The implied optimal maturity structure is time- and state-invariant—i.e. it is not actively managed.
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The Determinants of Corporate Debt Maturity Structure
SSRN Electronic Journal, 2003This study examines the determinants of corporate debt maturity structure decisions of French, German and UK firms using panel data. These countries are characterised by different financial systems and traditions that have implications on how firms decide their debt maturity structure.
Antonios Antoniou +2 more
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