worsens financing terms for firms with shorter maturity projects, inducing them to change their investments as well. In …

Debt maturity influences debt overhang: the reduced incentive for highly- levered borrowers to make real investments … because some value accrues to debt. Reducing maturity can increase or decrease overhang even when shorter-term debt's value …

-expected utility theory. Our framework allows us to study irreversible investment projects whose value has a time-variable volatility …

heterogeneity in financial contracting at the onset of the crisis by exploring ex-ante variation in long-term debt maturity. Our … at the time of the crisis observe more pronounced outcomes than otherwise similar firms that need not refinance their … credit supply shocks on corporate policies. For example, in the absence of a credit shock ("normal times"), the maturity …

of the joint determination of the maturity and cost of external borrowing highlights the role played by self …

Employing a large number of real and financial indicators, we use Bayesian Model Averaging (BMA) to forecast real-time … portfolios sorted by maturity and credit risk as measured by the issuer's "distance-to-default." The portfolios are constructed …

decisions based on the firm's publicly observable and time-varying fundamental. Fear of the firm's future rollover risk … the roles played by volatility, illiquidity and debt maturity in driving debt runs, as well as on firms' capital adequacy …

reaction of monetary policy. When everyone engages in maturity transformation, authorities have little choice but facilitating … following bad news about future needs for liquidity. Third, optimal monetary policy is time inconsistent. Fourth, there is a …

We argue that time-series variation in the maturity of aggregate corporate debt issues arises because firms behave as … macro liquidity providers, absorbing the large supply shocks associated with changes in the maturity structure of government … periods when the ratio of government debt to total debt is higher; and ii) by firms with stronger balance sheets. Our theory …