Why are US firms using more short-term debt?

被引：334

作者：

Custodio, Claudia ^{[1
]}

Ferreira, Miguel A. ^{[2
]}

Laureano, Luis ^{[3
]}

机构：

[1] Arizona State Univ, Tempe, AZ 85287 USA

[2] Nova Sch Business & Econ, Lisbon, Portugal

[3] Inst Univ Lisboa, ISCTE IUL, Lisbon, Portugal

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2013年 / 108卷 / 01期

关键词：

Corporate debt maturity; Information asymmetry; Agency costs; New listings; Supply effects; MATURITY STRUCTURE; GROWTH OPPORTUNITIES; LIQUIDITY RISK; DETERMINANTS; INFORMATION; INVESTMENT; OWNERSHIP; CHOICE; IMPACT; COSTS;

D O I：

10.1016/j.jfineco.2012.10.009

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We show that corporate use of long-term debt has decreased in the US over the past three decades and that this trend is heterogeneous across firms. The median percentage of debt maturing in more than 3 years decreased from 53% in 1976 to 6% in 2008 for the smallest firms but did not decrease for the largest firms. The decrease in debt maturity was generated by firms with higher information asymmetry and new firms issuing public equity in the 1980s and 1990s. Finally, we show that demand-side factors do not fully explain this trend and that public debt markets' supply-side factors play an important role. Our findings suggest that the shortening of debt maturity has increased the exposure of firms to credit and liquidity shocks. (C) 2012 Elsevier B.V. All rights reserved.

引用

页码：182 / 212

页数：31

共 48 条

[1]

Acharya V.V., 2011, AGGREGATE RISK UNPUB

[2] Corporate Debt Maturity and the Real Effects of the 2007 Credit Crisis [J].