We build a dynamic capital structure model to study the link between systematic risk exposure and debt maturity, as … the maturity structure. Relative to short-term debt, long-term debt is less prone to rollover risks, but its illiquidity … favour longer debt maturity, as well as a more stable maturity structure over the business cycle. Pro-cyclical debt maturity …

should market liquidity dry up. In a first step, this paper explains why high quality firms introduce a maturity mismatch … generates a maturity structure choice broadly consistent with observed financing patterns: Low quality firms issue short …

Motivated by the financial crisis of 2007-2009 several papers have provided explanations for why liquidity may dry up … during market stress. This paper also looks at this issue but focuses on the question as to why the liquidity crunch was not … need to provide longer-term liquidity. The paper asks what market failure central banks were addressing by intervening and …

This paper investigates the determinants of liability maturity choice in transition markets. We formulate a model of … using a unique panel of 4,300 Ukrainian firms during the period 2000-2005. Our estimates confirm the importance of liquidity …, signaling, maturity matching, and agency costs for the liability term structure of firms operating in a transition economy. In …

conditions, i.e. the varying liquidity value ofeligible assets and the associated risk. This induces a liquiditypremium, which …

credit risk transfer. The possibility of transferring credit reduces the impact of liquidity shocks on bank balance sheets …