-cycle theory of debt maturity …I develop a dynamic model of financing decisions and optimal debt maturity choice in which creditors face adverse …-leverage firms eventually decide to issue debt. Because shorter maturity debt is less sensitive to information, younger firms issue …

formed and how they impact leverage and debt maturity choices. In the model, lending relationships evolve through repeated … longer term debt, and raise funds from non-relationship lenders when relationship quality is sufficiently high. The maturity …

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 …

-varying debt maturity choices, as well as its implications for the term structure of credit spreads. Compared to short-term debt … liquidity costs changing over the business cycle, our calibrated model implies that debt maturity is pro-cyclical, firms with … high systematic risk favor longer debt maturity, and that these firms will have more stable maturity structures over the …

This study investigates the effects of political uncertainty (PU) on corporate debt maturity and leverage using a novel … measure of firm-specific PU. We find that PU is negatively associated with debt maturity and leverage. Furthermore, the … negative effects of PU on debt maturity and leverage are more pronounced for firms with greater investment reversibility and a …

This study re-examines the impact of asset maturity on debt maturity choices. The pertinent literature suffers from the … fact that asset maturity typically is hard to observe. In this paper we exploit the fact that for energy utilities asset … maturity can directly be measured. Using a sample of 193 energy utility companies in the period 2002 to 2009 we first show that …