A gap-filling theory of corporate debt maturity choice:
"We argue that time-series variation in the maturity of aggregate corporate debt issues arises because firms behave as macro liquidity providers, absorbing the large supply shocks associated with changes in the maturity structure of government debt. We document that when the government funds it...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2008
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
14087 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | "We argue that time-series variation in the maturity of aggregate corporate debt issues arises because firms behave as macro liquidity providers, absorbing the large supply shocks associated with changes in the maturity structure of government debt. We document that when the government funds itself with relatively 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: i) in periods when the ratio of government debt to total debt is higher; and ii) by firms with stronger balance sheets. Our theory provides a new perspective on the apparent ability of firms to exploit bond-market return predictability with their financing choices"--National Bureau of Economic Research web site |
| Beschreibung: | 49 S. graph. Darst. 22 cm |
Internformat
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| 245 | 1 | 0 | |a A gap-filling theory of corporate debt maturity choice |c Robin Greenwood ; Samuel Hanson ; Jeremy C. Stein |
| 264 | 1 | |a Cambridge, Mass. |b National Bureau of Economic Research |c 2008 | |
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| 490 | 1 | |a Working paper series / National Bureau of Economic Research |v 14087 | |
| 520 | 8 | |a "We argue that time-series variation in the maturity of aggregate corporate debt issues arises because firms behave as macro liquidity providers, absorbing the large supply shocks associated with changes in the maturity structure of government debt. We document that when the government funds itself with relatively 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: i) in periods when the ratio of government debt to total debt is higher; and ii) by firms with stronger balance sheets. Our theory provides a new perspective on the apparent ability of firms to exploit bond-market return predictability with their financing choices"--National Bureau of Economic Research web site | |
| 700 | 1 | |a Hanson, Samuel |e Verfasser |4 aut | |
| 700 | 1 | |a Stein, Jeremy C. |d 1960- |e Verfasser |0 (DE-588)124771726 |4 aut | |
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Datensatz im Suchindex
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| author | Greenwood, Robin Hanson, Samuel Stein, Jeremy C. 1960- |
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| id | DE-604.BV023593968 |
| illustrated | Illustrated |
| index_date | 2024-07-02T22:41:32Z |
| indexdate | 2024-07-09T21:25:16Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016909298 |
| oclc_num | 254588454 |
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| owner_facet | DE-521 |
| physical | 49 S. graph. Darst. 22 cm |
| publishDate | 2008 |
| publishDateSearch | 2008 |
| publishDateSort | 2008 |
| publisher | National Bureau of Economic Research |
| record_format | marc |
| series2 | Working paper series / National Bureau of Economic Research |
| spelling | Greenwood, Robin Verfasser aut A gap-filling theory of corporate debt maturity choice Robin Greenwood ; Samuel Hanson ; Jeremy C. Stein Cambridge, Mass. National Bureau of Economic Research 2008 49 S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 14087 "We argue that time-series variation in the maturity of aggregate corporate debt issues arises because firms behave as macro liquidity providers, absorbing the large supply shocks associated with changes in the maturity structure of government debt. We document that when the government funds itself with relatively 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: i) in periods when the ratio of government debt to total debt is higher; and ii) by firms with stronger balance sheets. Our theory provides a new perspective on the apparent ability of firms to exploit bond-market return predictability with their financing choices"--National Bureau of Economic Research web site Hanson, Samuel Verfasser aut Stein, Jeremy C. 1960- Verfasser (DE-588)124771726 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 14087 (DE-604)BV002801238 14087 http://papers.nber.org/papers/w14087.pdf kostenfrei Volltext |
| spellingShingle | Greenwood, Robin Hanson, Samuel Stein, Jeremy C. 1960- A gap-filling theory of corporate debt maturity choice |
| title | A gap-filling theory of corporate debt maturity choice |
| title_auth | A gap-filling theory of corporate debt maturity choice |
| title_exact_search | A gap-filling theory of corporate debt maturity choice |
| title_exact_search_txtP | A gap-filling theory of corporate debt maturity choice |
| title_full | A gap-filling theory of corporate debt maturity choice Robin Greenwood ; Samuel Hanson ; Jeremy C. Stein |
| title_fullStr | A gap-filling theory of corporate debt maturity choice Robin Greenwood ; Samuel Hanson ; Jeremy C. Stein |
| title_full_unstemmed | A gap-filling theory of corporate debt maturity choice Robin Greenwood ; Samuel Hanson ; Jeremy C. Stein |
| title_short | A gap-filling theory of corporate debt maturity choice |
| title_sort | a gap filling theory of corporate debt maturity choice |
| url | http://papers.nber.org/papers/w14087.pdf |
| volume_link | (DE-604)BV002801238 |
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