government debt maturity and the term structure of credit spreads. Using the data of individual corporate bonds between 1972 and … 2015, we find that a longer government debt maturity is associated with a steeper credit term structure in both the primary …

We document several facts about corporate debt maturity: (1) debt maturity is pro-cyclical; (2) higher-beta firms tend … to have longer debt maturity; (3) shorter maturity amplifies the sensitivity of credit spreads to aggregate shocks. We … build a dynamic capital structure model that explains these facts. In the model, leverage and maturity choices are highly …

We study to what extent firms spread out their debt maturity dates across time, which we call "granularity of corporate … single large one, firms may diversify debt rollovers across maturity dates. We construct granularity measures using data on … in granularity in that many firms have either very concentrated or highly dispersed maturity structures. Second, our …