This paper investigates the determinants of liability maturity choice in transition markets. We formulate a model of …, signaling, maturity matching, and agency costs for the liability term structure of firms operating in a transition economy. In … addition, we find that companies do not react uniformly to determinants of debt maturity. Firms that mainly rely on external …

How do banks choose their debt maturity structure when credit markets are subject to information frictions? This paper … proposes a model of equilibrium maturity choice with asymmetric information and endogenous roll-over risk. We show that in the … social benefits, the equilibrium maturity structure always exhibits inefficient short-termism. If banks receiving a credit …