Dennis, Steven A.; Zhang, Yilei; Wang, Song - In: Growing presence of real options in global financial markets, (pp. 159-180). 2017
We examine the maturity structure in private placements of debt and relate it to contracting, signaling, tax, and liquidity risk considerations for firms. We find that firms with higher tax rates issue private placements of debt with longer maturities, consistent with the tax hypothesis....
