The Determinants of Long-Term Corporate Debt Issuances

• 成果类型: Article
• 署名作者: Badoer, Dominique C.; James, Christopher M.
• 署名单位: University of Missouri System; University of Missouri Columbia; State University System of Florida; University of Florida
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12264
• 发表日期: 2016
• 页码: 457-492
• 关键词: maturity structure; capital structure; MARKET; issues; RISK

摘要

A significant proportion of the debt issued by investment-grade firms has maturities greater than 20 years. In this paper we provide evidence that gap-filling behavior is an important determinant of these very long-term issues. Using data on individual corporate debt issues between 1987 and 2009, we find that gap-filling behavior is more prominent in the very long end of the maturity spectrum where the required risk capital makes arbitrage costly. In addition, changes in the supply of long-term government bonds affect not just the choice of maturity but also the overall level of corporate borrowing.