When firms roll over bonds of different maturity, their debt-maturity structure can feature both shorter and longer … maturity in bad times. We link these debt-maturity patterns to the firms' fundamentals, assuming earnings are deterministically … via longer maturity. By contrast, the fraction of newly issued short-term debt is (weakly) procyclical in all paths. That …

relation between a firm's debt maturity structure choice and its growth opportunities. Firms with high pre-pandemic exposure to … growth-inducing factors obtained from 10-K filings have increased debt maturity and are more likely to exercise a call on … to adjust their debt maturity structure. Further, the increase in debt maturity following exogenous changes in growth …

production and volume of trade if time zones of the trading nations are non-overlapping. This implies a positive effect of … distance on the volume of trade in general and virtual trade in particular. It is also shown that exploitation of time zone … differences raises welfare and ensures capital accumulation. The paper builds on the emerging literature on time zones and pure …