A firm chooses its debt maturity structure and default timing dynamically, both without commitment. Via the fraction of … newly issued short-term bonds, equity holders control the maturity structure, which affects their endogenous default …

the roles played by volatility, illiquidity and debt maturity in driving debt runs, as well as on firms' capital adequacy …

Publicly-traded debt securities differ on a number of dimensions, including quality, maturity, seniority, security, and … leverage, growth opportunities and cash holdings are related with the convertibility, maturity and security structure of issued … appear to influence the types of securities that are issued. Consistent with commonly stated 'maturity-matching' arguments …

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 …

We examine empirically how the maturity structure of government debt affects bond yields and excess returns. Our …

We study the interactions between sovereign debt default and maturity choice in a setting with limited commitment for …-term bond market. We show that any attempt to manipulate the existing maturity profile of outstanding long-term bonds generates …

voluntarily reduce debt. On the other hand, countervailing effects of asset growth and debt maturity cause leverage to mean … ultimately mean-reverts. The target level of leverage, and the speed of adjustment depends critically on debt maturity …; nonetheless, in equilibrium shareholders are indifferent toward the debt maturity structure …

This paper develops a model of optimal government debt maturity in which the government cannot issue state … expensive to finance ex-ante since they exacerbate the problem of lack of commitment ex-post. In contrast, a flat maturity … policy distortions. We show that the optimal time-consistent maturity structure is nearly flat because reducing average …