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 …

substantial variation in the maturity structure of long-term debt. Firms which at the start of the crisis had a larger part of …

homogeneous or compete more aggressively. Moreover, we find that firms with shorter-maturity debt are less aggressive than their …

This study re-examines the impact of asset maturity on debt maturity choices. The pertinent literature suffers from the … fact that asset maturity typically is hard to observe. In this paper we exploit the fact that for energy utilities asset … maturity can directly be measured. Using a sample of 193 energy utility companies in the period 2002 to 2009 we first show that …

This paper shows the relevance of the financial crisis on firm- and country-level determinants on debt maturity … structure for 39 countries during the period 1995-2012. Corporate debt maturity declined during the financial crisis. However …, the financial crisis had a positive effect on the corporate debt maturity of smaller firms. Cross-firm and cross …

I develop a dynamic capital structure model in which shareholders determine a firm's leverage ratio, debt maturity, and … all the firm's cash flows and can pick a new capital structure. The possibility to alter the capital structure at maturity … gives shareholders the incentive to issue finite maturity debt and allows me to study firms' joint choice of leverage and …

Perhaps, the most familiar idea underlying debt maturity choice is the maturity-matching hypothesis wherein liabilities …' maturities correlate with assets' maturities. However, the maturity-matching hypothesis does not provide a comprehensive … explanation for many empirical patterns of firm behavior. This study investigates the determinants of debt maturity choice using a …

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 … transaction costs. Firms reduce debt maturity as it lowers bankruptcy probability. In the same spirit, firms increase maturity to …

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 …