Asset life, leverage, and debt maturity matching
提出企业随资本老化而去杠杆以释放债务容量用于再投资的理论，发现杠杆和债务期限与资本年龄负相关，债务期限和债务周期长度与资产寿命正相关，并用实证支持了这些预测。
Capital ages and must eventually be replaced. We propose a theory of financing in which firms borrow to finance investment and deleverage as capital ages to have enough financial slack to finance replacement investments. To achieve these dynamics, firms issue debt with a maturity that matches the useful life of assets and a repayment schedule that reflects the need to free up debt capacity as capital ages. In the model, leverage and debt maturity are negatively related to capital age while debt maturity and the length of debt cycles are positively related to asset life. We provide empirical evidence that strongly supports these predictions.