The Variety of Maturities Offered by Firms and Institutional Investment in Corporate Bonds
研究了公司发行不同期限债券如何影响机构投资者的资产配置，发现机构投资者更偏好期限多样的公司，这降低了债券收益率。
We study how a firm's decision to offer bonds of various maturities affects the portfolio allocations of institutional investors. We argue that because of lower information-collection costs, institutional investors tilt their portfolios towards firms that offer bonds of various maturities. We show that this translates into lower bond yields, both in the primary and in the secondary bond markets.