Abstract

http://ssrn.com/abstract=1966613
 
 

References (43)



 
 

Citations (3)



 


 



Corporate Debt Maturity Profiles


Jaewon Choi


University of Illinois at Urbana-Champaign - Department of Finance

Dirk Hackbarth


Boston University Questrom School of Business

Josef Zechner


Vienna University of Economics and Business

July 6, 2015


Abstract:     
We study a new aspect of a company's debt structure, namely the profile of its maturity dates. Based on dispersion measures of a firm's debt maturities, we find that these measures vary substantially across firms and time. Newly issued bond maturities complement pre-existing bond maturities, so firms spread out maturity dates over time to maintain or increase dispersion of maturity profiles. Using an exogenous shock to rollover risk, we find a significant increase in maturity dispersion for firms which need to roll over expiring bonds. Finally, firms actively manage their maturity profiles and adjust toward target levels, which depend on firm characteristics.

Number of Pages in PDF File: 48

Keywords: Capital Structure, Debt Structure, Debt Maturity

JEL Classification: G13, G31, G32, G33


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Date posted: November 30, 2011  

Suggested Citation

Choi, Jaewon and Hackbarth, Dirk and Zechner, Josef, Corporate Debt Maturity Profiles (July 6, 2015). Available at SSRN: http://ssrn.com/abstract=1966613 or http://dx.doi.org/10.2139/ssrn.1966613

Contact Information

Jaewon Choi (Contact Author)
University of Illinois at Urbana-Champaign - Department of Finance ( email )
1206 South Sixth Street
Champaign, IL 61820
United States
Dirk Hackbarth
Boston University Questrom School of Business ( email )
595 Commonwealth Avenue
Boston, MA 02215
United States
(617) 358-4206 (Phone)
(617) 353-6667 (Fax)
HOME PAGE: http://people.bu.edu/dhackbar/
Josef Zechner
Vienna University of Economics and Business ( email )
Heiligenstaedter Strasse 46
Vienna, Wien A-1019
Austria
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