Choi, Jaewon, Hackbarth, Dirk, Zechner, Josef. 2018. Corporate Debt Maturity Profiles. Journal of Financial Economics. 130 (3), 484-502.
BibTeX
Abstract
We study a novel aspect of a firm’s capital structure, namely, the profile of its debt maturity dates. In a simple theoretical framework we show that the dispersion of debt maturities constitutes an important dimension of capital structure choice, driven by firm characteristics and debt rollover risk. Guided by these predictions we establish two main empirical results. First, using an exogenous shock to rollover risk, we document a significant increase in maturity dispersion for firms that need to roll over maturing debt. Second, we find strong support that maturities of newly issued debt are influenced by pre-existing maturity profiles.
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Status of publication | Published |
---|---|
Affiliation | WU |
Type of publication | Journal article |
Journal | Journal of Financial Economics |
Citation Index | SSCI |
WU Journalrating 2009 | A+ |
Starjournal | Y |
Language | English |
Title | Corporate Debt Maturity Profiles |
Volume | 130 |
Number | 3 |
Year | 2018 |
Page from | 484 |
Page to | 502 |
Reviewed? | Y |
URL | https://www.sciencedirect.com/science/article/pii/S0304405X18301855?dgcid=author |
DOI | https://doi.org/10.1016/j.jfineco.2018.07.009 |
Open Access | N |
JEL | G13, G31, G32, G33 |
Associations
- Projects
- Spängler IQAM Invest Research Center
- People
- Zechner, Josef (Details)
- External
- Choi, Jaewon (University of Illinois at Urbana-Champaign, Department of Finance, United States/USA)
- Hackbarth, Dirk (University of Illinois at Urbana-Champaign, College of Business, , United States/USA)
- Organization
- Institute for Finance, Banking and Insurance IN (Details)
- Research Institute for Capital Markets FI (Details)