of the maturity structure of debt. The objective of a firm with long-term assets is to maximize the effective maturity of … its liabilities across several refinancing cycles, rather than to maximize the maturity of the current bonds outstanding …. An advantage of short-term financing is that a firm, while in good financial health, can readjust its maturity structure …

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 …

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 …

-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 …

reaction of monetary policy. When everyone engages in maturity transformation, authorities have little choice but facilitating …

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