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 …

worsens financing terms for firms with shorter maturity projects, inducing them to change their investments as well. In …

voluntarily reduce debt. On the other hand, countervailing effects of asset growth and debt maturity cause leverage to mean … ultimately mean-reverts. The target level of leverage, and the speed of adjustment depends critically on debt maturity …; nonetheless, in equilibrium shareholders are indifferent toward the debt maturity structure …

-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 …

heterogeneity in financial contracting at the onset of the crisis by exploring ex-ante variation in long-term debt maturity. Our … credit supply shocks on corporate policies. For example, in the absence of a credit shock ("normal times"), the maturity … composition of long-term debt has no effect on investment outcomes. Likewise, maturity composition has no impact on investment …

This study examines the influence of institutional environment on capital structure and debt maturity choices by … debt maturity ratios. Our evidence indicate that firms in countries that are viewed as more corrupt tend to use less equity …