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George M. Frankfurter 《The Journal of Finance》1971,26(5):1174-1175
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Sudipto Sarkar 《The Journal of Financial Research》1999,22(3):353-370
I derive the optimal maturity period for corporate debt used to finance a specific project, when costly financial distress is triggered by the inability to meet coupon obligations. My model predicts a negative relation between bond risk and maturity, and it explains why high-grade bonds show greater maturity dispersion than low-grade bonds, as observed in U.S. corporate bond markets. The major determinant of bond maturity is project duration for low-risk bonds and project risk for high-risk bonds. Other determinants of bond maturity are debt burden, reorganization costs, corporate tax rate, interest rate, and project growth rate. 相似文献
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STRUCTURED DEBT AND CORPORATE RISK MANAGEMENT 总被引:1,自引:0,他引:1
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