Systematic risk, debt maturity, and the term structure of credit spreads
نویسندگان
چکیده
A l’aide d’un modele dynamique de la structure capital, les auteurs etudient le lien entre l’exposition des entreprises au risque systematique et l’echeance leur dette, ainsi que incidences conjointes ces deux facteurs sur par terme ecarts credit. Dans modele, echeances peut varier dans temps etre irreguliere. Les obligations a long sont moins sensibles refinancement titres court terme, mais illiquidite pour effet d’alourdir couts d’emprunt.
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ژورنال
عنوان ژورنال: Journal of Financial Economics
سال: 2021
ISSN: ['1879-2774', '0304-405X']
DOI: https://doi.org/10.1016/j.jfineco.2020.09.002