Debt Maturity Structure and Credit Quality
研究了企业债务期限结构是否影响其信用质量，发现短期债务占比高的企业信用质量更低，其长期债券收益率利差更高，表明债券投资者关注滚动风险。
Abstract We examine whether a firm’s debt maturity structure affects its credit quality. Consistent with theory, we find that firms with greater exposure to rollover risk (measured by the amount of long-term debt payable within a year relative to assets) have lower credit quality; long-term bonds issued by those firms trade at higher yield spreads, indicating that bond market investors are cognizant of rollover risk arising from a firm’s debt maturity structure. These effects are stronger among firms with a speculative-grade rating and declining profitability, and during recessions.