of forwards to complete the maturity spectrum at the (multi-) day level. We find that the correlation only slowly turns … negative as the number of days to maturity is increased to the monthly level. The typical shape of the premium correlation with … regard to the forward maturity length appears to be V-shaped. …

We develop an economic theory of “flexibility”, which we interpret as the discretion orability to make a decision that …

ofthis theory of capital structure evolution is that optimal capital structure is essentiallydynamic, and depends on the firm …’s stock price, implying that firms issue equity when stockprices are high and debt when stock prices are low. The theory … testablepredictions. Moreover, the theory can rationalize the use of debt in the absence of taxes,agency costs or signaling considerations. …

, we estimate a multinomial logit model whichconfirms several predictions of both the static trade-off theory and … thepecking-order theory as to the determinants of financing choices. Next, weuse ordered probit models to determine which …

The Basel Committee proposed the Net Stable Funding Ratio (NSFR) to curb excessive maturity mismatch of the banking … featuring banks' maturity mismatch and the moral hazard due to costly monitoring. First, I show that a tightening of the NSFR to … move loan maturity towards the long-run capital investment cycle would only increase real investment if it sufficiently …