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Systematic risk, debt maturity and the term structure of credit spreads

Chen, Hui; Xu, Yu; Yang, Jun - 2012

We build a dynamic capital structure model to study the link between systematic risk exposure and debt maturity, as … the maturity structure. Relative to short-term debt, long-term debt is less prone to rollover risks, but its illiquidity … favour longer debt maturity, as well as a more stable maturity structure over the business cycle. Pro-cyclical debt maturity …

Persistent link: https://www.econbiz.de/10010319636

Debt maturity, risk, and asymmetric information

Berger, Allen N.; Espinosa-Vega, Marco A.; Frame, W. Scott - 2004

information in determining debt maturity, and we examine the overall importance of informational asymmetries in debt maturity … information in explaining debt maturity. …

Persistent link: https://www.econbiz.de/10010397600

Die Bedeutung der Langfristfinanzierung durch Banken: Vorteile und zukünftige Herausforderungen

Hüther, Michael; Voigtländer, Michael; Haas, Heide; … - 2015

Langfristige Finanzierungen tragen wesentlich zur Beruhigung der Märkte und damit zur Stabilität von Volkswirtschaften bei. Dies zeigt eindrucksvoll das Beispiel des deutschen Marktes für Wohnungsfinanzierungen. Bedingt durch die neuen Finanzmarktregulierungen wie Basel III und Solvency II...

Persistent link: https://www.econbiz.de/10011633410

The importance of long-term financing by banks: Advantages and future challenges

Hüther, Michael; Voigtländer, Michael; Haas, Heide; … - 2015

Long-term financing plays an important part in calming the markets and thus ensuring the stability of economies. The German market for residential real estate financing provides an impressive example of this. However, new financial market regulations such as Basel III and Solvency II will cause...

Persistent link: https://www.econbiz.de/10011633411

Venture capital versus bank financing in innovative German firms

Schäfer, Dorothea; Talavera, Oleksandr; Zimmermann, Volker - 2007

-dependent VCs. In this case, empirical evidence is less compatible with theory, in particular the evidence on intrinsic project risk …

Persistent link: https://www.econbiz.de/10010264956

Anchoring the yield curve using survey expectations

Altavilla, Carlo; Giacomini, Raffaella; Ragusa, Giuseppe - 2013

The dynamic behavior of the term structure of interest rates is difficult to replicate with models, and even models with a proven track record of empirical performance have underperformed since the early 2000s. On the other hand, survey expectations are accurate predictors of yields, but only...

Persistent link: https://www.econbiz.de/10010368212

Debt Maturity without Commitment

Niepelt, Dirk - 2008

I analyze how lack of commitment affects the maturity structure of sovereign debt. Governments balance benefits of …- term debt affects default and rollover decisions by subsequent policy makers. The equilibrium maturity structure is shaped … interior maturity structure with positive gross positions and a shortening of the maturity structure when debt issuance is high …

Persistent link: https://www.econbiz.de/10011430074

Anchoring the yield curve using survey expectations

Altavilla, Carlo; Giacomini, Raffaella; Ragusa, Giuseppe - 2014

The dynamic behaviour of the term structure of interest rates is difficult to replicate with models, and even models with a proven track record of empirical performance have underperformed since the early 2000s. On the other hand, survey expectations are accurate predictors of yields, but only...

Persistent link: https://www.econbiz.de/10011605677

Multiple but Asymmetric Bank Financing: The Case of Relationship Lending

Elsas, Ralf; Heinemann, Frank; Tyrell, Marcel - 2004

. However, theory does not tell us a lot about the economic rationale for relationship lending in the context of multiple bank …

Persistent link: https://www.econbiz.de/10010316084

Multiple but asymmetric bank financing : the case of relationship lending

Elsas, Ralf; Heinemann, Frank; Tyrell, Marcel - 2004

. However, theory does not tell us a lot about the economic rationale for relationship lending in the context of multiple bank …

Persistent link: https://www.econbiz.de/10010261239