Debt Maturity Management
研究借款人如何根据基本面冲击调整长短期债务发行，短期债务防止稀释并激励去杠杆，长期债务推迟违约，为复苏争取时间。
Abstract This paper studies how a borrower issues long- and short-term debt in response to shocks to the fundamental value. Short-term debt protects creditors from future dilution and incentivizes the borrower to reduce leverage after small negative shocks. Long-term debt postpones default and allows the borrower time to recover after large negative shocks. When borrowers are in distress, they rely on short-term debt; however, they issue both types of debt during more normal periods. Our model generates novel implications for the dynamic adjustment of debt maturities.