I develop a dynamic capital structure model in which shareholders determine a firm's leverage ratio, debt maturity, and … all the firm's cash flows and can pick a new capital structure. The possibility to alter the capital structure at maturity … gives shareholders the incentive to issue finite maturity debt and allows me to study firms' joint choice of leverage and …

I study the relationship between debt maturity and agency conflicts between controlling and minority shareholders in …

When firms roll over bonds of different maturity, their debt-maturity structure can feature both shorter and longer … maturity in bad times. We link these debt-maturity patterns to the firms' fundamentals, assuming earnings are deterministically … via longer maturity. By contrast, the fraction of newly issued short-term debt is (weakly) procyclical in all paths. That …

. However, using a simple two-period model with zero coupon debt and default possible only at maturity, ADHP prove two startling … contentions using an alternative model of debt, with rollover at a proportional rate m and average maturity = 1/m, introduced in … Leland (1994a). We show that when the average maturity of debt is substantially longer than 5 years, considerable further …

What determines the maturity structure of debt? In this article, I develop a simple model to explore how the optimal … maturity of debt issued by a firm (or a country) depends both on the firm’s cyclical state and other features of the economic … longer maturity, while firms operating in more-volatile environments issue debt with shorter maturity. Yield to maturity is a …

We study a dynamic setting in which a firm chooses its debt maturity structure and default timing endogenously, both …-values constant, but controls its debt maturity structure via the fraction of newly issued short-term bonds when refinancing its …

This study examines the association between debt maturity structure and accounting conservatism. Short-maturity debt … financing. As such, debt-contracting demand for accounting conservatism is expected to be lower in the presence of more short-maturity … debt. We find that short-maturity debt is negatively associated with accounting conservatism. As firms could commit to more …

maturity. We find that in the absence of financing constraints short-term debt maximizes firm value. In contrast with most … revenues, issuing long term debt that expires after the investment option maturity. This effect, which is due to the option …

This paper provides empirical evidence of a clientele effect between institutional holdings and debt maturity structure …. Using a new measure of debt maturity that captures the refinancing and underinvestment risks associated with the timing of … cash flows, I find that institutional equity holders prefer to invest in firms with long debt maturity, and hence low …