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 …

asymmetric information in determining debt maturity, and we examine the overall importance of informational asymmetries in debt … maturity choices. We employ data on over 6,000 commercial loans from 53 large U.S. banks. Our results for low-risk firms are … information in explaining debt maturity"--Federal Reserve Board web site …

information in determining debt maturity, and we examine the overall importance of informational asymmetries in debt maturity … information in explaining debt maturity …