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the impact of capital market liberalization on the corporate debt maturity structure. It also aims to provide some policy … liberalization and corporate debt maturity structure. To validate the results, this study performed several robustness tests … firms. Further analyses suggest that the impact of capital market liberalization on the debt maturity structure is more …
Persistent link: https://www.econbiz.de/10015198318
This paper investigates the effect of investment opportunities, audit quality and debt maturity on the interest paid by …
Persistent link: https://www.econbiz.de/10013126039
. I find that when a large portion of their market is threatened, incumbents significantly increase debt maturity before …
Persistent link: https://www.econbiz.de/10010412667
This paper investigates the determinants of liability maturity choice in transition markets. We formulate a model of …, signaling, maturity matching, and agency costs for the liability term structure of firms operating in a transition economy. In … addition, we find that companies do not react uniformly to determinants of debt maturity. Firms that mainly rely on external …
Persistent link: https://www.econbiz.de/10003726062
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 …
Persistent link: https://www.econbiz.de/10011716006
optimal maturity structure of corporate debt. Since firms with high costs of financial distress benefit most from committing …
Persistent link: https://www.econbiz.de/10011550392
We build a dynamic capital structure model to study the link between systematic risk exposure and debt maturity, as … the maturity structure. Relative to short-term debt, long-term debt is less prone to rollover risks, but its illiquidity … favour longer debt maturity, as well as a more stable maturity structure over the business cycle. Pro-cyclical debt maturity …
Persistent link: https://www.econbiz.de/10009583690
This paper extends our knowledge of corporate debt maturity structure by examining whether and to what extent … overconfident CEOs affect maturity decisions. Consistent with a demand side story, we find that firms with overconfident CEOs tend … to adopt a shorter debt maturity structure by using a higher proportion of short-term debt (due within 12 months). This …
Persistent link: https://www.econbiz.de/10013035215
This paper examines the relation between chief executive officer (CEO) inside debt holdings and corporate debt maturity …. We provide robust evidence that inside debt has a positive effect on short-maturity debt and that this effect is …
Persistent link: https://www.econbiz.de/10013004182
This paper examines the impact of concentrated equity ownership (blockholders) on the corporate debt maturity structure … support for our hypothesis that debt maturity is a concave function of block ownership, which is likely a reflection of the … blockholders and the use of debt maturity to control for debt-equity and manager-equity conflicts …
Persistent link: https://www.econbiz.de/10012905836