We study to what extent firms spread out their debt maturity dates across time, which we call granularity of corporate … single large one, firms may diversify debt rollovers across maturity dates. We construct granularity measures using data on … in granularity in that many firms have either very concentrated or highly dispersed maturity structures. Second, our …

optimal maturity structure of corporate debt. Since firms with high costs of financial distress benefit most from committing …

Does an increase in competition increase or decrease bank stability? I exploit how the state-specific process of … interstate banking deregulation lowered barriers to entry into urban banking markets and find that greater competition …, such as merger and acquisitions or diversification. Moreover, I find that greater competition reduces banks' nonperforming …

decisions on competition and welfare. Our analysis shows that the incentives for vertical integration crucially depend on …