Systematic risk, debt maturity, and the term structure of credit spreads
© 2020 Elsevier B.V. We document several facts about corporate debt maturity: (1) debt maturity is pro-cyclical, (2) higher-beta firms tend to have longer maturity, and (3) shorter maturity amplifies the sensitivity of credit spreads to aggregate shocks. We present a dynamic capital structure model...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Elsevier BV,
2022-08-03T15:06:30Z.
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| Subjects: | |
| Online Access: | Get fulltext |