This paper examines the impact of concentrated equity ownership (blockholders) on the corporate debt maturity structure within the framework of agency theory. Using a novel and hand-collected data set from 2000 to 2015 in Australia, we find support for our hypothesis that debt maturity is a...

We examine whether and to what extent business shocks explain the puzzling instabilities of corporate leverage. We find that business shocks explain a large portion of the unexplained leverage deviation, cross-sectional leverage position migration, and evaporating leverage similarities in the...