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 examines ways to summarize the maturity structure of public debts using a small number of parameters. We …) more accurately describes changes in debt maturity for these six countries and 2) gives a quite different interpretation of … historical debt maturity. Our work can be applied not just to analyze past debt movements, but - because parameter estimates are …

The business cycle dynamics of firms' investment and debt maturity vary across the firm size and age distribution …: Young and small firms have strongly pro-cyclical debt maturity and investment, old and large firms a-cyclical debt maturity … and weakly pro-cyclical investment. This paper explores the importance of firms' debt maturity choices for their …

Evidence shows that firms market time their debt maturity. Specifically, maturity is found to be inversely proportional … the term spread is large and they increase maturity as the term spread decreases. In this article, we build a model … explaining the market timing phenomenon using the trade-off theory of capital structure. Our explanation relies on the balance …

creditors losing faith in the long-run prospects of the bank, hence forcing it to shorten its debt maturity. Finally, we build a … model that endogenizes the debt maturity structure and predicts that worse market expectations lead to a maturity shortening …

This papers studies the optimal choice of sovereign debt maturity when investors are unaware of the government … priced in debt, and the size of this wedge differs with the maturity of debt. Long-term debt becomes less attractive for safe … with a shorter maturity profile – relative to the optimal choice under perfect information – and risky borrowers mimic the …