Idiosyncratic risk and debt maturity dispersion
研究发现企业特质资产风险越高，其债务期限结构越分散，通过分散到期日来管理展期风险，这一关系在年轻企业较弱、在缺乏信贷额度的企业更强。
Abstract We investigate the relation between idiosyncratic asset risk and debt maturity dispersion. Idiosyncratic asset volatility represents significant risk, which can impede the ability to obtain or maintain external debt financing necessary for business operations, and is difficult to control given its unpredictable nature. We find that this risk is managed through the maturity structure of debt: firms with higher idiosyncratic asset volatility also have more dispersed maturity structures. Consistent with active management of rollover risk, this relation is weaker for younger firms and stronger for firms without significant credit lines.