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

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 …

Intuition suggests that firms with higher cash holdings are safer and should have lower credit spreads. Yet empirically …, the correlation between cash and spreads is robustly positive and higher for lower credit ratings. This puzzling finding … are positively related to credit risk, resulting in a positive correlation between cash and spreads. In contrast, spreads …

market liquidity and shorter debt maturity can exacerbate this externality and cause costly firm bankruptcy at higher … optimal debt maturity structures …

This paper develops a network model of interbank lending, in which banks decide to extend credit to their potential … literature on financial networks, we focus on how anticipation of future defaults may result in ex ante “credit freezes,” whereby … banks refuse to extend credit to one another. We first characterize the terms of the interbank contracts and the patterns of …

We analyze a model of optimal capital structure and liquidity choice based on a dynamic tradeoff theory for financially …

investment and employment. We first describe how companies used credit lines during the crisis (access, size of facilities, and … drawdown activity), the conditions under which these facilities were granted (fees, markups, maturity, and collateral), and … whether managers had difficulties in renewing or initiating lines. We also describe the dynamics of credit line violations and …

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 …

We provide evidence that credit lines offer liquidity insurance to borrowers. Borrowers are able to extensively use … their credit lines in recessions and ahead of credit line cuts. In fact drawdowns and changes in drawdowns predict internal … credit rating downgrades and credit line cuts, suggesting substantial liquidity access before credit line cuts. Credit line …