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 …

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 …

maturity. We find that in the absence of financing constraints short-term debt maximizes firm value. In contrast with most … revenues, issuing long term debt that expires after the investment option maturity. This effect, which is due to the option …

We build a dynamic capital structure model to study the link between systematic risk exposure and debt maturity, as … the maturity structure. Relative to short-term debt, long-term debt is less prone to rollover risks, but its illiquidity … favour longer debt maturity, as well as a more stable maturity structure over the business cycle. Pro-cyclical debt maturity …

Corporate debt maturity is a concave function of financial leverage when the debt has restrictive asset-based covenants …) to reduce the probability of covenant violation. We also find that maturity-leverage concavity is reduced when executive …

We document several facts about corporate debt maturity: (1) debt maturity is pro-cyclical; (2) higher-beta firms tend … to have longer debt maturity; (3) shorter maturity amplifies the sensitivity of credit spreads to aggregate shocks. We … build a dynamic capital structure model that explains these facts. In the model, leverage and maturity choices are highly …

prior to issuing additional debt. For realistic values of issuance costs and debt maturity, the no-commitment policy …

maturity. We find that in the absence of financing constraints short-term debt maximizes firm value. In contrast with most … revenues, issuing long term debt that expires after the investment option maturity. This effect, which is due to the option …

lack of diversification, are simultaneously and endogenously determined. We first derive the key implications of our theory … or expected growth rate of the firm's earnings. Debt maturity varies non-monotonically in a U-shaped manner with the … project's drift and with its volatility. The predicted variations of leverage and debt maturity with the actual drift of …