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We study a novel aspect of a firm's capital structure, namely the profile of its debt maturity dates. In a simple … results. First, using an exogenous shock to rollover risk, we document a significant increase in maturity dispersion for firms … pre-existing maturity profiles …
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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 …
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homogeneous or compete more aggressively. Moreover, we find that firms with shorter-maturity debt are less aggressive than their …
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How do firms manage debt maturity in the presence of investment opportunities? I document empirically that US … corporations lengthen their average maturity of debt when output and investment rates are larger. To explain these findings, I …
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