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 …

-expected utility theory. Our framework allows us to study irreversible investment projects whose value has a time-variable volatility …

heterogeneity in financial contracting at the onset of the crisis by exploring ex-ante variation in long-term debt maturity. Our … at the time of the crisis observe more pronounced outcomes than otherwise similar firms that need not refinance their … credit supply shocks on corporate policies. For example, in the absence of a credit shock ("normal times"), the maturity …

Employing a large number of real and financial indicators, we use Bayesian Model Averaging (BMA) to forecast real-time … portfolios sorted by maturity and credit risk as measured by the issuer's "distance-to-default." The portfolios are constructed …

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 …

We build a dynamic capital structure model to study the link between firms' systematic risk exposures and their time …-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 …

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 … decision. A shortening equilibrium with accelerated default emerges when cash-flows deteriorate over time so that debt recovery …

decisions based on the firm's publicly observable and time-varying fundamental. Fear of the firm's future rollover risk … the roles played by volatility, illiquidity and debt maturity in driving debt runs, as well as on firms' capital adequacy …