formed and how they impact leverage and debt maturity choices. In the model, lending relationships evolve through repeated … longer term debt, and raise funds from non-relationship lenders when relationship quality is sufficiently high. The maturity …

This paper investigates whether and how economic policy uncertainty affects corporate debt maturity. Using a large firm … a shortened debt maturity. Moreover, the impacts are stronger for innovation-intensive firms. We use firms’ flexibility … in changing debt maturity and the deviation to leverage target to gauge the causal relationship, and identify the reduced …

I develop a dynamic model of financing decisions and optimal debt maturity choice in which creditors face adverse …-leverage firms eventually decide to issue debt. Because shorter maturity debt is less sensitive to information, younger firms issue … shorter maturity debt to alleviate adverse selection while mature firms issue longer maturity debt, leading to a life …

This paper investigates whether and how economic policy uncertainty affects corporate debt maturity. Using a cross … uncertainty is significantly associated with a shortened debt maturity. Specifically, a 1% increase in economic policy uncertainty … is associated with a 0.22% decrease in the long-term debt-to-assets ratio and a 0.08% decrease in debt maturity. Moreover …

We show that firms’ debt maturity structure plays an important role in investment above and beyond that of leverage …. Firms with a longer debt maturity structure tend to invest more. These results are stronger for firms with high leverage …, profitability, and growth potential. We rationalize our results in a model in which debt maturity structure is determined by the …

This paper investigates the determinants of liability maturity choice in transition markets. We formulate a model of …, signaling, maturity matching, and agency costs for the liability term structure of firms operating in a transition economy. In … addition, we find that companies do not react uniformly to determinants of debt maturity. Firms that mainly rely on external …

optimal maturity structure of corporate debt. Since firms with high costs of financial distress benefit most from committing …

. I find that when a large portion of their market is threatened, incumbents significantly increase debt maturity before …

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 …

prior to issuing additional debt. For realistic values of issuance costs and debt maturity, the no-commitment policy …