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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 …
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Deleveraging, whether via reductions in debt or increases in assets, is costly due to value transfers from shareholders to creditors. It is especially costly in the presence of long-term debt and when the need to deleverage is high. This paper, first, provides empirical evidence consistent with...
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This paper examines whether the relative power in the CEO–CFO relationship influences the corporate debt maturity …-opted CFOs have a positive effect on longer-term maturity debt and this effect is more pronounced among firms with weak external …
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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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