Maturity and Corporate Loan Pricing
研究公司贷款利差与期限的关系，检验贷款人是否因长期贷款获得补偿（权衡假说）或通过迫使高风险借款人借短期贷款来限制风险（信用质量假说），发现两者均成立。
Abstract We investigate the relation between corporate loan spreads and maturity to test whether lenders are compensated for longer maturity loans (tradeoff hypothesis) or limit their exposure by forcing riskier borrowers to take short‐term loans (credit‐quality hypothesis). Earlier studies reject the tradeoff hypothesis. We use the LPC DealScan database to create a matched sample of pairs of loans to the same borrower on the same day holding credit quality constant. We perform mean of difference tests and cross‐sectional and regression analyses, and find evidence supporting both the tradeoff and credit quality hypotheses.