Corporate debt maturity profiles

• 成果类型: Article
• 署名作者: Choi, Jaewon; Hackbarth, Dirk; Zechner, Josef
• 署名单位: University of Illinois System; University of Illinois Urbana-Champaign; Boston University; Vienna University of Economics & Business
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2018.07.009
• 发表日期: 2018
• 页码: 484-502
• 关键词: capital structure; debt structure; Debt maturity

摘要

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. (C) 2018 Elsevier B.V. All rights reserved.