The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
A Gap‐Filling Theory of Corporate Debt Maturity Choice
Abstract
We argue that time variation in the maturity of corporate debt arises because firms behave as macro liquidity providers, absorbing the supply shocks associated with changes in the maturity structure of government debt. We document that when the government funds itself with more short‐term debt, firms fill the resulting gap by issuing more long‐term debt, and vice versa. This type of liquidity provision is undertaken more aggressively: (1) when the ratio of government debt to total debt is higher and (2) by firms with stronger balance sheets. Our theory sheds new light on market timing phenomena in corporate finance more generally.
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Citations
Cites
Shleifer, A., & Vishny, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb03807.x · Cited by 5,291
Cited by
Bond Supply and Excess Bond Returns
Greenwood, R., & Vayanos, D. (2014) · Review of Financial Studies · doi:10.1093/rfs/hht133 · Cited by 517
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Metadata
- Authors
- GREENWOOD, R., HANSON, S., & STEIN, J. C.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2010-05-07
- Volume
- 65
- Issue
- 3
- Pages
- 993-1028
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2158375490
- Cited by
- 326
- References
- 1
- FWCI
- 57.40
- Type
- journal article
- Language
- en
- Open access
- closed
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- GREENWOOD, R., HANSON, S., & STEIN, J. C. (2010). A Gap‐Filling Theory of Corporate Debt Maturity Choice. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2010.01559.x
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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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