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Cited by 414

The DOI matches its Crossref record; 22 of the 22 references it cites were found in a registry or an index.

The Maturity Rat Race

Open access
BRUNNERMEIER, MARKUS K., OEHMKE, MARTIN·2013·The Journal of Finance
DOI 10.1111/jofi.12005
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Abstract

Why do some firms, especially financial institutions, finance themselves so short‐term? We show that extreme reliance on short‐term financing may be the outcome of a maturity rat race: a borrower may have an incentive to shorten the maturity of an individual creditor's debt contract because this dilutes other creditors. In response, other creditors opt for shorter maturity contracts as well. This dynamic toward short maturities is present whenever interim information is mostly about the probability of default rather than the recovery in default. For borrowers that cannot commit to a maturity structure, equilibrium financing is inefficiently short‐term.

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Metadata

Authors
BRUNNERMEIER, M. K., & OEHMKE, M.
Venue
The Journal of Finance
Publisher
Wiley
Published
2013-03-07
Volume
68
Issue
2
Pages
483-521
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/jofi.12005
OpenAlex
W2062432064
Cited by
414
References
22
FWCI
91.16
Type
journal article
Language
en
Open access
green

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CoChat. (2026). Citation check: The Maturity Rat Race. https://app.cochat.ai/papers/10.1111/jofi.12005
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BRUNNERMEIER, M. K., & OEHMKE, M. (2013). The Maturity Rat Race. The Journal of Finance. https://doi.org/10.1111/jofi.12005

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.