The Relation Between Risk and Optimal Debt Maturity and the Value of Leverage
构建模型分析企业资本结构与债务期限选择，发现最优债务期限随资产波动性增加而延长，且在某些情况下杠杆价值与总风险正相关。
This paper considers the capital structure and debt maturity choice for a value-maximizing corporation. In the model, interest expense is tax deductible, bankruptcy is costly, and debt is fairly priced at issue. In contrast to the results of Kane, Marcus, and McDonald (1985), optimal debt maturity does not always approach zero in the absence of transaction costs, and is increasing in the volatility of the assets of the firm. The model predicts a positive association between the value of leverage and total risk in some circumstances.