The Determinants of Long-Term Corporate Debt Issuances

被引：56

作者：

Badoer, Dominique C. ^{[1
]}

James, Christopher M. ^{[2
]}

机构：

[1] Univ Missouri, Columbia, MO 65211 USA

[2] Univ Florida, Gainesville, FL 32611 USA

来源：

JOURNAL OF FINANCE | 2016年 / 71卷 / 01期

关键词：

MATURITY STRUCTURE; CAPITAL STRUCTURE; MARKET; ISSUES; RISK;

D O I：

10.1111/jofi.12264

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

A significant proportion of the debt issued by investment-grade firms has maturities greater than 20 years. In this paper we provide evidence that gap-filling behavior is an important determinant of these very long-term issues. Using data on individual corporate debt issues between 1987 and 2009, we find that gap-filling behavior is more prominent in the very long end of the maturity spectrum where the required risk capital makes arbitrage costly. In addition, changes in the supply of long-term government bonds affect not just the choice of maturity but also the overall level of corporate borrowing.

引用

页码：457 / 492

页数：36

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