Debt Maturity and the Effects of Growth Opportunities and Liquidity Risk on Leverage

Review of Financial Studies

Volumn 16, Issue 1, 2003, Pages 209-236

  Johnson, Shane A ^a  

^a LOUISIANA STATE UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0037266668     PISSN: 08939454     EISSN: None     Source Type: Journal    
DOI: 10.1093/rfs/16.1.0209     Document Type: Review

References (35)

1. Barnea, A., R. A. Haugen, and L. W. Senbet, 1980, "A Rationale for Debt Maturity Structure and Call Provisions in the Agency Theoretic Framework," Journal of Finance, 35, 1223-1234.
2. Barclay, M. J., and C. W. Smith, Jr., 1995, "The Maturity Structure of Corporate Debt," Journal of Finance, 50, 609-632.
3. Barclay, M. J., and C. W. Smith, Jr., 1996, "On Financial Architecture: Leverage, Maturity, and Priority," Journal of Applied Corporate Finance, 8, 4-17.
4. Barclay, M. I., L. M. Marx, and C. W. Smith, Jr., 1997, "Leverage and Maturity as Strategic Complements," working paper, University of Rochester.
5. Belsley, D. A., E. Kuh, and R. E. Welsch, 1980, Regression Diagnostics: Identifying Influential Data and Sources of Collinearity, Wiley, New York.
6. Bradley, M., G. A. Jarrell, and E. H. Kim, 1984, "On the Existence of an Optimal Capital Structure: Theory and Evidence," Journal of Finance, 39, 857-877.
7. Brick, I. E., and S. A. Ravid, 1985, "On the Relevance of Debt Maturity Structure," Journal of Finance, 40, 1423-1437.
8. Carey, M., S. Prowse, J. Rea, and O. Udell, 1993, "The Economics of the Private Placement Market," Federal Reserve Board of Governors Staff Study, 166.
9. DeAngelo, H., and R. W. Masulis, 1980, "Optimal Capital Structure Under Corporate and Personal Taxation," Journal of Financial Economics, 8, 3-30.
10. Diamond, D. W., 1991, "Debt Maturity Structure and Liquidity Risk," Quarterly Journal of Economics, 33, 341-368.
11. Diamond, D. W., 1993, "Seniority and Maturity of Debt Contracts," Journal of Financial Economics, 33, 341-368.
12. Fama, E. F., and J. D. MacBeth, 1973, "Risk, Return, and Equilibrium: Empirical Tests," Journal of Political Economy, 81, 607-636.
13. Flannery, M. J., 1986, "Asymmetric Information and Risky Debt Maturity Choice," Journal of Finance, 41, 18-38.
14. Guedes, J., and T. Opler, 1996, "The Determinants of the Maturity of Corporate Debt Issues," Journal of Finance, 51, 1809-1834.
15. Harris, M., and A. Raviv, 1990, "Capital Structure and the Informational Role of Debt," Journal of Finance, 45, 321-349.
16. Hovakimian, A., T. Opler, and S. Titman, 2001, "The Debt-Equity Choice," Journal of Financial and Quantitative Analysis, 36, 1-24.
17. Jensen, M. C., 1986, "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, 76, 323-339.
18. Johnson, S. A., 1997, "An Empirical Analysis of the Determinants of Debt Ownership Structure," Journal of Financial and Quantitative Analysis, 32, 47-69.
19. Lewis, C. M., 1990, "A Multiperiod Theory of Corporate Financial Policy Under Taxation," Journal of Financial and Quantitative Analysis, 25, 25-43.
20. Lucas, D. J., and R. L. McDonald, 1990, "Equity Issues and Stock Price Dynamics," Journal of Finance, 45, 1019-1043.
21. Mauer, D. C., and S. H. Ott, 1998, "Agency Costs, Investment Policy and Optimal Capital Structure: The Effect of Growth Options," in M. J. Brennan and L. Trigeorgis (eds.), Project Flexibility, Agency, and Competition: New Developments in the Theory and Application of Real Options, Oxford University Press, London.
22. Myers, S. C., 1977, "Determinants of Corporate Borrowing," Journal of Financial Economics, 5, 147-175.
23. Myers, S. C., 1984, "The Capital Structure Puzzle," Journal of Finance, 39, 575-592.
24. Myers, S. C., and N. S. Majluf, 1984, "Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have," Journal of Financial Economics, 13, 187-221.
25. Parrino, R., and M. Weisbach, 1999, "Measuring Investment Distortions Arising from Stockholder-Bondholder Conflicts," Journal of Financial Economics, 53, 1-42.
26. Rajan, R. G., and L. Zingales, 1995, "What Do We Really Know About Capital Structure? Some Evidence From International Data," Journal of Finance, 50, 1421-1460.
27. Riis Flor, C., and J. Lester, 2001, "Debt Maturity, Callability, and Dynamic Capital Structure," working paper, University of Southern Denmark.
28. Ross, S., 1977, "The Determination of Financial Structure - The Incentive Signaling Approach," Rand Journal of Economics, 8, 23-41.
29. Sharpe, S. A., 1991, "Credit Rationing, Concessionary Lending, and Debt Maturity," Journal of Banking and Finance, 15, 581-604.
30. Smith, C. W., Jr., 1986, "Investment Banking and the Capital Acquisition Process." Journal of Financial Economics, 15, 3-29.
31. Smith, C. W., Jr., and R. L. Watts, 1992, "The Investment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies," Journal of Financial Economics, 32, 263-292.
32. Stohs, M. H., and D. C. Mauer, 1996, "The Determinants of Corporate Debt Maturity Structure," Journal of Business, 69, 279-312.
33. White, H., 1980, "A Heteroskedasticity-Consistent Covariance Estimator and a Direct Test for Heteroskedasticity," Econometrica, 48, 817-838.
34. Wiggins, J. B., 1990, "The Relation Between Risk and Optimal Debt Maturity and the Value of Leverage," Journal of Financial and Quantitative Analysis, 25, 377-386.
35. Williamson, O., 1988, "Corporate Finance and Corporate Governance," Journal of Finance, 43, 567-591.