maturity debt to short maturity debt, to avoid frequent monitoring by lenders, which creates conflict between controlling and … minority shareholders over the maturity structure of debt. In this paper, we examine whether the presence of multiple large … firms during the period 1998-2013, we find strong evidence that firms with MLS exhibit shorter debt maturity. This result …

. However, using a simple two-period model with zero coupon debt and default possible only at maturity, ADHP prove two startling … contentions using an alternative model of debt, with rollover at a proportional rate m and average maturity = 1/m, introduced in … Leland (1994a). We show that when the average maturity of debt is substantially longer than 5 years, considerable further …

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 …

-cycle theory of debt maturity …I develop a dynamic model of financing decisions and optimal debt maturity choice in which creditors face adverse …-leverage firms eventually decide to issue debt. Because shorter maturity debt is less sensitive to information, younger firms issue …

We show that firms’ debt maturity structure plays an important role in investment above and beyond that of leverage …. Firms with a longer debt maturity structure tend to invest more. These results are stronger for firms with high leverage …, profitability, and growth potential. We rationalize our results in a model in which debt maturity structure is determined by the …

What determines the maturity structure of debt? In this article, I develop a simple model to explore how the optimal … maturity of debt issued by a firm (or a country) depends both on the firm’s cyclical state and other features of the economic … longer maturity, while firms operating in more-volatile environments issue debt with shorter maturity. Yield to maturity is a …

optimal maturity structure of corporate debt. Since firms with high costs of financial distress benefit most from committing …

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 …

lack of diversification, are simultaneously and endogenously determined. We first derive the key implications of our theory … or expected growth rate of the firm's earnings. Debt maturity varies non-monotonically in a U-shaped manner with the … project's drift and with its volatility. The predicted variations of leverage and debt maturity with the actual drift of …

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 …