Debt Maturity Management

• 成果类型: Article; Early Access
• 署名作者: Hu, Yunzhi; Varas, Felipe; Ying, Chao
• 署名单位: University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Hong Kong University of Science & Technology; University of Texas System; University of Texas Dallas; Chinese University of Hong Kong
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454; 1465-7368
• DOI: 10.1093/rfs/hhag007
• 发表日期: 2026-04-21
• 关键词: G32; G33; RISK-MANAGEMENT; corporate-investment; liquidity; DYNAMICS; default; COSTS

摘要

This paper studies how a borrower issues long- and short-term debt in response to shocks to the fundamental value. Short-term debt protects creditors from future dilution and incentivizes the borrower to reduce leverage after small negative shocks. Long-term debt postpones default and allows the borrower time to recover after large negative shocks. When borrowers are in distress, they rely on short-term debt; however, they issue both types of debt during more normal periods. Our model generates novel implications for the dynamic adjustment of debt maturities.