The Original Maturity of Corporate Bonds: The Influence of Credit Rating, Asset Maturity, Security, and Macroeconomic Conditions

被引：8

作者：

Bali, Geetanjali ^{[1
]}

Skinner, Frank ^{[2
]}

机构：

[1] Univ Reading, ISMA Ctr, Reading, Berks, England

[2] Univ Surrey, Guildford, Surrey, England

来源：

FINANCIAL REVIEW | 2006年 / 41卷 / 02期

关键词：

corporate-debt maturity; credit risk; debt seniority; subordination; macroeconomic factors;

D O I：

10.1111/j.1540-6288.2006.00138.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the determinants of the new issue maturity of corporate bonds. As credit rating decreases, new bond issues have longer maturities, but substantial variation in maturity within each rating class remains. We seek to explain the variation of new issue maturity within credit classes. We find that asset maturity, security covenants, and macroeconomic conditions influence the new issue maturity of bonds within rating categories.

引用

页码：187 / 203

页数：17

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