We study to what extent firms spread out their debt maturity dates across time, which we call "granularity of corporate debt." We consider the role of debt granularity using a simple model in which a firm's inability to roll over expiring debt causes inefficiencies, such as costly asset sales or...

The focus of capital structure research has now been diverted towards understanding the discriminating features of different debt instruments and explaining why to select a specific type of debt among different options? When companies predominantly borrow from fewer debt types, it is regarded as...