maturity debt to short maturity debt, to avoid frequent monitoring by lenders, which creates conflict between controlling and … minority shareholders over the maturity structure of debt. In this paper, we examine whether the presence of multiple large … firms during the period 1998-2013, we find strong evidence that firms with MLS exhibit shorter debt maturity. This result …

"We argue that time-series variation in the maturity of aggregate corporate debt issues arises because firms behave as … macro liquidity providers, absorbing the large supply shocks associated with changes in the maturity structure of government …