This study proposes and empirically tests the argument that creditors are likely to extend debt with a shorter maturity … short-maturity debt compared to other firms. The empirical findings further show that firms with unsustainable tax positions … and with subsidiaries in tax-haven countries are more likely to employ short-maturity debt. Collectively, the empirical …

I examine the relation between managerial ownership and the maturity structure of corporate public debt by using a … sample of newly issued Japanese corporate bonds. Firms with higher managerial ownership issue shorter maturity bonds. In … through risk-taking activities and require firms with higher managerial ownership to issue shorter maturity bonds …

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 …

This study provides new insights on the relationship between corporate debt maturity and agency costs by investigating … empirically the impact of managerial ownership and the divergence between control and cash-flow rights on debt maturity. A … significant negative effect of managerial ownership on debt maturity is observed. Moreover, the results reveal that the wedge …

large vegas encourage risk-taking. Theory suggests that short-maturity debt mitigates agency costs of debt by constraining …-term debt. We also find that the influence of vega- and delta-related incentives on bond yields is mitigated by short-maturity …

heterogeneity in financial contracting at the onset of the crisis by exploring ex-ante variation in long-term debt maturity. Our … credit supply shocks on corporate policies. For example, in the absence of a credit shock ("normal times"), the maturity … composition of long-term debt has no effect on investment outcomes. Likewise, maturity composition has no impact on investment …

We propose a simple idea that corporate debt maturity should serve as a good indicator of future firm performance … debt maturity. If “observable” corporate debt maturity and ex ante “unobservable” corporate risk-taking is highly … correlated, corporate debt maturity should be highly correlated with “ex post” realized firm performance volatility in following …

We study whether firms spread out debt maturity dates, which we call "granularity of corporate debt.'' In our model … more dispersed maturity structures. Finally, firms manage granularity actively and adjust toward target levels …

We argue that time-series variation in the maturity of aggregate corporate debt issues arises because firms behave as … macro liquidity providers, absorbing the large supply shocks associated with changes in the maturity structure of government …