全球智库信息集成服务系统(G2TT): A Theory of Debt Maturity: The Long and Short of Debt Overhang

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w18160
来源ID	Working Paper 18160
	A Theory of Debt Maturity: The Long and Short of Debt Overhang
	Douglas W. Diamond; Zhiguo He
发表日期	2012-06-15
出版年	2012
语种	英语
摘要	Debt maturity influences debt overhang: the reduced incentive for highly- levered borrowers to make real investments because some value accrues to debt. Reducing maturity can increase or decrease overhang even when shorter-term debt's value depends less on firm value. Future overhang is more volatile for shorter-term debt, making future investment incentives volatile and influencing immediate investment incentives. With immediate investment, shorter-term debt typically imposes lower overhang; longer-term debt can impose less if firm value is more volatile in bad times. For future investments, reduced correlation between the value of assets-in-place and profitability of investment increases the overhang of shorter-term debt.
主题	Financial Economics ; Corporate Finance
URL	https://www.nber.org/papers/w18160
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/575835
推荐引用方式 GB/T 7714	Douglas W. Diamond,Zhiguo He. A Theory of Debt Maturity: The Long and Short of Debt Overhang. 2012.