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 …

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 …

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 …

We study the interactions between sovereign debt default and maturity choice in a setting with limited commitment for …-term bond market. We show that any attempt to manipulate the existing maturity profile of outstanding long-term bonds generates …

relies on detailed information about debt maturity and claimholders, and that uses option prices to construct risk … instead inflation is combined with financial repression that ex post extends the maturity of the debt, then the reduction in …

maturity in the event of crises, and show that both necessarily improve ex ante welfare if they do not decrease expected …