Debt Maturity, Risk, and Asymmetric Information

Debt Maturity, Risk, and Asymmetric Information
We test the implications of Flannery's (1986) and Diamond's (1991) models concerning the effects of risk and asymmetric information in determining debt maturity, and we examine the overall importance of informational asymmetries in debt maturity choices. We employ data on over 6,000 commercial loans from 53 large U.S. banks. Our results for... READ MORE...

Publication date: October 2005
ISBN 9781451862201
$15.00

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