I study the relationship between debt maturity and agency conflicts between controlling and minority shareholders in …

I develop a dynamic capital structure model in which shareholders determine a firm's leverage ratio, debt maturity, and … all the firm's cash flows and can pick a new capital structure. The possibility to alter the capital structure at maturity … gives shareholders the incentive to issue finite maturity debt and allows me to study firms' joint choice of leverage and …

This study revisits the relation between firms' choices of debt maturity and their investment in a dynamic world. Prior … optimal maturity by balancing these opposing forces. For the firm with average investment and financing, the agency cost … firms' flexibility in choosing maturity. I also measure firm-specific agency costs using likelihood-based structural …

Evidence shows that firms market time their debt maturity. Specifically, maturity is found to be inversely proportional … the term spread is large and they increase maturity as the term spread decreases. In this article, we build a model … explaining the market timing phenomenon using the trade-off theory of capital structure. Our explanation relies on the balance …

In a dynamic framework, this paper studies a firm’s optimal capital structure choice in terms of the maturity and call … generally find that finite maturity is optimal …

staggered short-term debt. First, debt maturity that is too short-term is inefficient, even with incentive provision. The … optimal maturity is an interior solution that avoids excessive rollover risk while providing sufficient incentives for the …