Debt Maturity, Risk, And Asymmetric Information  

Oleh:

Berger, Allen N. ; Frame, W. Scott ; Miller, Nathan H. ; Espinosa-Vega, Marco A.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 60 no. 6 (Dec. 2005), page 2895-2924.
Topik: DEBT; economic models; debt management; maturity; banking industry; risk; studies
Fulltext: p 2895.pdf (154.88KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

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 US banks. Our results for low-risk firms are consistent with the predictions of both theoretical models, but our findings for high-risk firms conflict with the predictions of Diamond's model and with much of the empirical literature. Our findings also suggest a strong quantitative role for asymmetric information in explaining debt maturity.

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