On Debt Maturities of Firms and Refinancing Risk: A Consideration of Heterogeneous Effects and Extreme Cases

Patrice Fontaine (1, 2) , Sujiao Zhao (1, 2)

1 CERAG - Centre d'études et de recherches appliquées à la gestion
2 EUROFIDAI - Institut Européen de données financières

This paper investigates the research question of whether the previously identified factors affect debt maturity choices of the short maturity firms in the same way as the long maturity firms. We find great disparities in the effects of conventional factors across the debt maturity distribution, especially for firms present at the lower and the upper percentiles.....

Mots clés: debt maturity; extreme cases; effect disparity; conditional quatile regression

Domaines: Sciences de l'Homme et Société

Patrice Fontaine, Sujiao Zhao. On Debt Maturities of Firms and Refinancing Risk: A Consideration of Heterogeneous Effects and Extreme Cases. 2014, 57 p. ⟨halshs-01181212⟩