portfolios sorted by maturity and credit risk as measured by the issuer's "distance-to-default." The portfolios are constructed …

decompose the equity risk premium by maturity. We find that both expected dividend growth rates and risk premia exhibit …

liquidity, which depends on both the firm fundamental and the time-to-maturity of the bond. Corporate default decisions interact … premium and default premium for credit spreads, we also study the optimal maturity implied by the model based on the tradeoff …

-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 …

Debt maturity influences debt overhang: the reduced incentive for highly- levered borrowers to make real investments … because some value accrues to debt. Reducing maturity can increase or decrease overhang even when shorter-term debt's value …

We propose a clientele-based model of the yield curve and optimal maturity structure of government debt. Clienteles are … generations of agents at different lifecycle stages in an overlapping-generations economy. An optimal maturity structure exists in …--effects that we also confirm empirically in a panel of OECD countries. Moreover, under the optimal maturity structure, catering to …

maturity management, as will typically be required to address rollover crisis risk, will be delayed until the end of the …

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 …