Optimal Maturity Structure with Multiple Debt Claims
解释了企业为何同时发行不同期限的多笔债务，通过长短债组合预承诺更有效的清算政策，最优组合取决于清算价值的均值与波动性。
This paper provides an explanation for why firms may choose to simultaneously issue multiple debt claims with varying maturities. The optimal mix of short- and long-term debt allows the firm to precommit to a more efficient liquidation policy. Even in risk-neutral settings, the optimal mix hinges critically on the mean and the variability of the firm's liquidation value. Determining the optimal mix of debt is more complex than just weighing the costs of issuing short- or long-term debt exclusively. The implications of alternate priority structures, informational settings, interest rate uncertainty, and maturity matching strategies are also considered.