-varying debt maturity choices, as well as its implications for the term structure of credit spreads. Compared to short-term debt … liquidity costs changing over the business cycle, our calibrated model implies that debt maturity is pro-cyclical, firms with … high systematic risk favor longer debt maturity, and that these firms will have more stable maturity structures over the …

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 study examines the influence of institutional environment on capital structure and debt maturity choices by … debt maturity ratios. Our evidence indicate that firms in countries that are viewed as more corrupt tend to use less equity …

maturity. But at high levels of debt, a strong inverse relation emerges. We start the paper by documenting this inverse … of debt and maturity which can explain both sets of facts. It is based on the idea that, at high levels of debt, the … government may need to decrease the maturity of the debt as debt increases, in order to maintain the credibility of its anti …

This paper uses the information contained in the joint dynamics of government's debt maturity choices and interest rate … borrowing featuring endogenous debt maturity, risk averse lenders and self-fulfilling rollover crises á la Cole and Kehoe (2000 …-fulfilling defaults. These two sources of default risk have contrasting implications for the debt maturity choices of the government …

-employed individuals, we find robust evidence that women in Italy pay more for overdraft facilities than men. We could not find any …