| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14087 |
| 来源ID | Working Paper 14087 |
| A Gap-Filling Theory of Corporate Debt Maturity Choice | |
| Robin Greenwood; Samuel Hanson; Jeremy C. Stein | |
| 发表日期 | 2008-06-19 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | We argue that time-series variation in the maturity of aggregate corporate debt issues arises because firms behave as macro liquidity providers, absorbing the large supply shocks associated with changes in the maturity structure of government debt. We document that when the government funds itself with relatively more short-term debt, firms fill the resulting gap by issuing more long-term debt, and vice-versa. This type of liquidity provision is undertaken more aggressively: i) in periods when the ratio of government debt to total debt is higher; and ii) by firms with stronger balance sheets. Our theory provides a new perspective on the apparent ability of firms to exploit bond-market return predictability with their financing choices. |
| 主题 | Financial Economics ; Corporate Finance ; Public Economics ; National Fiscal Issues |
| URL | https://www.nber.org/papers/w14087 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571763 |
| 推荐引用方式 GB/T 7714 | Robin Greenwood,Samuel Hanson,Jeremy C. Stein. A Gap-Filling Theory of Corporate Debt Maturity Choice. 2008. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w14087.pdf（390KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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