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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 …
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-cycle theory of debt maturity …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 …
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