Arbeitspapier
Debt maturity, risk, and asymmetric information
We test the implications of Flannery’s (1986) and Diamond’s (1991) models concerning the effects of risk and asymmetric information in determining debt maturity, and we examine the overall importance of informational asymmetries in debt maturity choices. We employ data from more than 6,000 commercial loans from 53 large U.S. banks. Our results for low-risk firms are consistent with the predictions of both theoretical models, but our findings for high-risk firms conflict with the predictions of Diamond’s model and with much of the empirical literature. Our findings also suggest a strong quantitative role for asymmetric information in explaining debt maturity.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 2004-32
- Klassifikation
-
Wirtschaft
- Thema
-
Fremdkapital
Fälligkeit
Kreditwürdigkeit
Asymmetrische Information
Schätzung
USA
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Berger, Allen N.
Espinosa-Vega, Marco A.
Frame, W. Scott
Miller, Nathan H.
- Ereignis
-
Veröffentlichung
- (wer)
-
Federal Reserve Bank of Atlanta
- (wo)
-
Atlanta, GA
- (wann)
-
2004
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Berger, Allen N.
- Espinosa-Vega, Marco A.
- Frame, W. Scott
- Miller, Nathan H.
- Federal Reserve Bank of Atlanta
Entstanden
- 2004
Ähnliche Objekte (12)
Debt Maturity without Commitment
Debt maturity without commitment
Sovereign Debt: Indexation and Maturity
Sovereign Debt Renegotiation under Asymmetric Information
Refinancing Risk and Debt Maturity Choice during a Financial Crisis
Optimal time-consistent government debt maturity
Gap-filling government debt maturity choice
Gap-filling government debt maturity choice
Gap-filling government debt maturity choice
Rollover risk in commercial paper markets and firms' debt maturity choice
Systematic risk, debt maturity and the term structure of credit spreads
Does Debt Maturity Matter for Investment Decisions?
Debt Maturity without Commitment
Debt maturity without commitment
Sovereign Debt: Indexation and Maturity
Sovereign Debt Renegotiation under Asymmetric Information
Refinancing Risk and Debt Maturity Choice during a Financial Crisis
Optimal time-consistent government debt maturity
Gap-filling government debt maturity choice
Gap-filling government debt maturity choice
Gap-filling government debt maturity choice
Rollover risk in commercial paper markets and firms' debt maturity choice
Systematic risk, debt maturity and the term structure of credit spreads
Does Debt Maturity Matter for Investment Decisions?
Debt Maturity without Commitment
Debt maturity without commitment
Sovereign Debt: Indexation and Maturity
Sovereign Debt Renegotiation under Asymmetric Information
Refinancing Risk and Debt Maturity Choice during a Financial Crisis
Optimal time-consistent government debt maturity
Gap-filling government debt maturity choice
Gap-filling government debt maturity choice
Gap-filling government debt maturity choice
Rollover risk in commercial paper markets and firms' debt maturity choice
Systematic risk, debt maturity and the term structure of credit spreads