revenues, issuing long term debt that expires after the investment option maturity. This effect, which is due to the option …We develop a dynamic investment options framework with optimal capital structure and analyze the effect of debt … maturity. We find that in the absence of financing constraints short-term debt maximizes firm value. In contrast with most …

revenues, issuing long term debt that expires after the investment option maturity. This effect, which is due to the option …We develop a dynamic investment options framework with optimal capital structure and analyze the effect of debt … maturity. We find that in the absence of financing constraints short-term debt maximizes firm value. In contrast with most …

This study analyzes bank loan maturity and corporate investment linkage by using novel firm-level data covering the …-dimensional fixed effects reveal that loan maturity has a significant positive association with investment, indicating that longer debt … maturity fosters corporate investment. The results reveal that the positive linkage between longer debt maturity and investment …

generates novel implications for the impact of renegotiable debt on covenant and investment policies …

We show that firms’ debt maturity structure plays an important role in investment above and beyond that of leverage …. Our findings highlight the importance of debt maturity structure in understanding corporate investment decisions …. Firms with a longer debt maturity structure tend to invest more. These results are stronger for firms with high leverage …

We examine firms' simultaneous choice of investment, debt financing and liquidity in a large sample of US corporates … affect the corporate decisions of unconstrained firms more strongly than those of constrained firms. Investment-cash flow … sensitivities are particularly intense for unconstrained firms with high hedging needs. Investment opportunities (as proxied by Q …

The business cycle dynamics of firms' investment and debt maturity vary across the firm size and age distribution …: Young and small firms have strongly pro-cyclical debt maturity and investment, old and large firms a-cyclical debt maturity … and weakly pro-cyclical investment. This paper explores the importance of firms' debt maturity choices for their …

This paper investigates whether and how economic policy uncertainty affects corporate debt maturity. Using a cross … uncertainty is significantly associated with a shortened debt maturity. Specifically, a 1% increase in economic policy uncertainty … is associated with a 0.22% decrease in the long-term debt-to-assets ratio and a 0.08% decrease in debt maturity. Moreover …

This paper investigates whether and how economic policy uncertainty affects corporate debt maturity. Using a large firm … a shortened debt maturity. Moreover, the impacts are stronger for innovation-intensive firms. We use firms’ flexibility … in changing debt maturity and the deviation to leverage target to gauge the causal relationship, and identify the reduced …

How do firms manage debt maturity in the presence of investment opportunities? I document empirically that US … corporations lengthen their average maturity of debt when output and investment rates are larger. To explain these findings, I … construct an economic model where firms dynamically choose investment, short-term debt, and long-term debt. In equilibrium, long …