"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 …

"Publicly-traded debt securities differ on a number of dimensions, including quality, maturity, seniority, security … opportunities and cash holdings are related with the convertibility, maturity and security structure of issued bonds. Second … of securities that are issued. Consistent with commonly stated 'maturity-matching' arguments, long-term, nonconvertible …