Starjournal Quotation Choi, Jaewon, Hackbarth, Dirk, Zechner, Josef. 2018. Corporate Debt Maturity Profiles. Journal of Financial Economics. 130 (3), 484-502.


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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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Publication's profile

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)
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