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The Determinants of Corporate Debt Maturity Structure
Open accessAbstract
We examine the empirical determinants of debt maturity structure using a maturity structure measure that incorporates detailed information about all of a firm's liabilities. We find that larger, less risky firms, with longer-term asset maturities use longer-term debt. Additionally, debt maturity varies inversely with earnings surprises and a firm's effective tax rate, but there is only mixed support for an inverse relation with growth opportunities. We find strong support for the prediction of a non-monotonic relation between debt maturity and bond rating: firms with high or very low bond ratings use shorter-term debt.
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Citations
Cites
Determinants of corporate borrowing
Myers, S. C. (1977) · Journal of Financial Economics · doi:10.1016/0304-405x(77)90015-0 · Cited by 13,169
Cited by
Does the Source of Capital Affect Capital Structure?
Faulkender, M., & Petersen, M. A. (2006) · Review of Financial Studies · doi:10.1093/rfs/hhj003 · Cited by 1,375
The Determinants of Corporate Liquidity: Theory and Evidence
Kim, C.-S., Mauer, D. C., & Sherman, A. E. (1998) · The Journal of Financial and Quantitative Analysis · doi:10.2307/2331099 · Cited by 1,244
Self-citationAn International Comparison of Capital Structure and Debt Maturity Choices
Fan, J. P. H., Titman, S., & Twite, G. (2012) · Journal of Financial and Quantitative Analysis · doi:10.1017/s0022109011000597 · Cited by 1,081
Growth Opportunities and the Choice of Leverage, Debt Maturity, and Covenants
BILLETT, M. T., KING, T. D., & MAUER, D. C. (2007) · The Journal of Finance · doi:10.1111/j.1540-6261.2007.01221.x · Cited by 760
Self-citationCapital structure, credit risk, and macroeconomic conditions
Hackbarth, D., Miao, J., & Morellec, E. (2006) · Journal of Financial Economics · doi:10.1016/j.jfineco.2005.10.003 · Cited by 678
Metadata
- Authors
- Stohs, M. H., & Mauer, D. C.
- Venue
- The Journal of Business
- Publisher
- University of Chicago Press
- Published
- 1996-01
- Volume
- 69
- Issue
- 3
- Pages
- 279
- ISSN
- 0021-9398 (ISSN-L)
- 1537-5374
- OpenAlex
- W2059752150
- Cited by
- 938
- References
- 1
- FWCI
- 37.31
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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