search query: @author Mauer, D. C. / total: 7
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| Author: | Stohs, M. H. Mauer, D. C. |
| Title: | The determinants of corporate debt maturity structure |
| Journal: | Journal of Business
1996 : JUL, VOL. 69:3, p. 279-312 |
| Index terms: | CAPITAL STRUCTURE OF COMPANIES DEBT EMPIRICAL RESEARCH |
| Language: | eng |
| Abstract: | We examine the empirical determinants of debt maturity structure using a maturity structure measure that incorporates detailed information about all of a firm's liabilities. We find that larger, less risky firms with longer-term asset maturities use longer-term debt. Additionally, debt maturity varies inversely with earnings surprises and a firm's effective tax rate, but there is only mixed support for an inverse relation with growth opportunities. We find strong support for the prediction of a nonmonotonic relation between debt maturity and bond rating; firms with high or very low bond ratings use shorter-term debt. |
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