TY  - RPRT
A1  - Choi, Jaewon
A1  - Hackbarth, Dirk
A1  - Zechner, Josef
T1  - Granularity of corporate debt : [Version 10 März 2014]
N2  - We study the dispersion of debt maturities across time, which we call "granularity of corporate debt,'' using a model in which a firm's inability to roll over expiring debt causes inefficiencies, such as costly asset sales or underinvestment. Since multiple small asset sales are less costly than a single large one, firms diversify debt rollovers across maturity dates. We construct granularity measures using data on corporate bond issuers for the 1991-2012 period and establish a number of novel findings. First, there is substantial variation in granularity in that we observe both very concentrated and highly dispersed maturity structures. Second, observed variation in granularity supports the model's predictions, i.e. maturities are more dispersed for larger and more mature firms, for firms with better investment oppo
KW  - capital structure
KW  - debt maturity
KW  - debt structure
Y1  - 2014
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/34385
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-343851
IS  - Version 10 März 2014
ER  -