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We provide evidence on leverage and debt maturity targeting in a large international setting. There are key differences …
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This paper investigates the impact of labor protection on corporate debt maturity structure. We hypothesize that … stronger labor protection is conducive to a greater use of short-term debt maturity by firms. Using various country … maturity structure of corporate debt over-and-above economic, legal, and political factors identified in prior research …
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, maturity, and currency denomination at the firm and aggregate levels. Using data on worldwide debt issuance from advanced and … markets. Firms also moved toward longer-term markets, maintaining (or even increasing) their borrowing maturity. As they moved …
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In an approach analogous to Rajan and Zingales (1998), we examine how the ability to access long-term debt affects firm-level growth volatility. We find that firms in industries with stronger preference to use long-term finance relative to short-term finance experience lower growth volatility in...
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