Corporate debt maturity profiles

被引：48

作者：

Choi, Jaewon ^{[1
]}

Hackbarth, Dirk ^{[2
]}

Zechner, Josef ^{[3
]}

机构：

[1] Univ Illinois, Dept Finance, 515 E Gregory Dr, Champaign, IL 61820 USA

[2] Boston Univ, Questrom Sch Business, Dept Finance, 595 Commonwealth Ave, Boston, MA 02215 USA

[3] Vienna Univ Econ & Business, Dept Finance Accounting & Stat, Welthandelspl 1, A-1020 Vienna, Austria

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2018年 / 130卷 / 03期

关键词：

Capital structure; Debt structure; Debt maturity; ROLLOVER RISK; DETERMINANTS;

D O I：

10.1016/j.jfineco.2018.07.009

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

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. (C) 2018 Elsevier B.V. All rights reserved.

引用

页码：484 / 502

页数：19

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