We develop a dynamic model of debt runs on a firm, which invests in an illiquid asset by rolling over staggered short-term debt contracts. We derive a unique threshold equilibrium, in which creditors coordinate their asynchronous rollover decisions based on the firm's publicly observable and...

Debt overhang of the non-financial private sector has been one of the main reasons for the ongoing global stagnation, and recent data released by the International Monetary Fund, International Institute of Finance, United Nations Conference on Trade and Development and others indicate that debt...

We review the literature on debt structure, which is a central element in a firm's capital structure. We first survey both theoretical and empirical research pertaining to debt characteristics – maturity and priority – and debt types – bank loans, corporate bonds, credit lines, commercial...

Using a novel hand-collected dataset of business combination disclosures, we investigate whether and how fair-value adjustments (FVAs) arising from mergers and acquisitions facilitate debt financing. FVAs are the difference between the fair value and the book value of the target's net assets. We...