Corporate debt maturity is a concave function of financial leverage when the debt has restrictive asset-based covenants attached. This concavity kicks in earlier with increasing covenant tightness and is absent when firms have no restrictive asset-based covenants. We argue that this concavity is...

We study how the Federal Reserve's quantitative easing (QE) influenced the behavior of Agency mortgage REITs – a set of institutions identified by the Financial Stability Oversight Council as posing systemic risk. We document that Agency mortgage REITs: (i) equity prices reacted to QE...