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"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 theoretical models, but our findings for high-risk firms conflict with the predictions of Diamond's model and with much of the empirical literature. Our findings also suggest a strong quantitative role for asymmetric information in explaining debt maturity"--Federal Reserve Board web site.
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Showing 4 featured editions. View all 4 editions?
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1
Debt Maturity, Risk, and Asymmetric Information
2005, International Monetary Fund
in English
1451862202 9781451862201
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2
Debt Maturity, Risk, and Asymmetric Information
2005, International Monetary Fund
in English
1452741077 9781452741079
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3
Debt Maturity, Risk, and Asymmetric Information
2005, International Monetary Fund
in English
1451907567 9781451907568
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4
Debt maturity, risk, and asymmetric information
2004, Federal Reserve Board
Electronic resource
in English
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August 18, 2022 | Created by ImportBot | Imported from Better World Books record |