A Theory of Debt Maturity: The Long and Short of Debt Overhang
研究了债务期限如何影响债务积压，即高杠杆借款人因部分价值流向债务而减少实际投资的动机。发现短期债务通常降低当前投资积压，但长期债务在资产波动性高时可能更优。
ABSTRACT Debt maturity influences debt overhang, the reduced incentive for highly levered borrowers to make real investments because some value accrues to debt. Reducing maturity can increase or decrease overhang even when shorter term debt's value depends less on firm value. Future overhang is more volatile for shorter term debt, making future investment incentives volatile and influencing immediate investment incentives. With immediate investment, shorter term debt typically imposes lower overhang; longer term debt can impose less if asset volatility is higher in bad times. For future investments, reduced correlation between assets‐in‐place and investment opportunities increases the shorter term debt overhang.