Information about credit quality is uncertain and varies across debt maturity. We show that an ambiguity-averse firm manager will avoid maturities with ambiguous credit information. We thus hypothesize that firms choose maturity structures where perceived credit quality uncertainty is lower....

We hypothesize that firms required by SFAS No. 131 to begin disclosing segment information attempt to counteract potential competitive harm by increasing information redaction. Using a difference-in-difference setting, we find that firms increasing the number of reported segments after the rule...