Dynamic Financing: How Firms Adjust Debt Maturity, Dispersion, Leverage, and Cash to Accommodate Shocks
研究企业如何调整杠杆、债务期限和现金来管理盈利冲击，并发现债务到期日集中度的时变是内生的。为避免展期风险，企业偏好期限分散的长期债务，但严重负面冲击迫使企业发行短期债务作为下期去杠杆的承诺，导致到期日集中。
Abstract I study how firms adjust leverage, debt maturity, and cash to manage profitability shocks, and show that time variation in concentration of maturity dates arises endogenously. To avoid rollover risk, firms prefer long-term debt with dispersed maturity dates. However, severe negative shocks force firms to borrow above an optimal level. They issue short-term debt as a commitment to delever in the next period. This concentrates maturity dates in the next period. The calibrated version of the model matches empirical facts and makes novel predictions regarding dynamics of debt maturity dispersion.