| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12289 |
| DP12289 Corporate Debt Maturity Profiles | |
| Josef Zechner; Jaewon Choi; Dirk Hackbarth | |
| 发表日期 | 2017-09-10 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We study a novel aspect of a firm's capital structure, namely the profile of its debt maturity dates. In a simple theoretical framework we show that the dispersion of debt maturities constitutes an important dimension of capital structure choice, driven by firm characteristics and debt rollover risk. Guided by these predictions we establish two main empirical results. First, using an exogenous shock to rollover risk, we document a significant increase in maturity dispersion for firms that need to roll over maturing debt. Second, we find strong support that maturities of newly issued debt are influenced by pre-existing maturity profiles. |
| 主题 | Financial Economics |
| 关键词 | Capital structure Debt structure Debt maturity |
| URL | https://cepr.org/publications/dp12289 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541100 |
| 推荐引用方式 GB/T 7714 | Josef Zechner,Jaewon Choi,Dirk Hackbarth. DP12289 Corporate Debt Maturity Profiles. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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