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Debt maturity, risk, and asymmetric information

Berger, Allen N - ; Espinosa-Vega, Marco A - ; Frame, W. Scott - ; Miller, Nathan H - ;

We test the implications of Flannery's ( 1986 ) and Diamond's ( 1991 ) models concerning the effects of risk and asymmetric information in determining debt maturity, and we examine the overall importance of informational asymmetries in debt maturity choices. We employ data on over 6,000 commercial loans from 53 large U.S. Banks. Our results for low-risk firms are consistent with the predictions of both theoritical models, but our findings for high-risk firms conflict with the prediction's of Diamond's model and with much of the empirical literature..Printed Journal

Ketersediaan

Call Number	Location	Available
	PSB lt.dasar - Pascasarjana	1

Penerbit	: The American Finance Association
Edisi	-
Subjek	Debt Risk
ISBN/ISSN	00221082
Klasifikasi	-
Deskripsi Fisik	-
Info Detail Spesifik	-
Other Version/Related	Tidak tersedia versi lain
Lampiran Berkas	Tidak Ada Data