Belief disagreement and debt maturity structure

被引：0
|
作者：
Leng, Dong [1 ]
Wei, Xu [1 ]
Zhuo, Yilin [2 ]
机构：
[1] Cent Univ Finance & Econ, Sch Finance, Beijing, Peoples R China
[2] UCLA, Anderson Sch Management, Los Angeles, CA USA
来源：
ECONOMICS LETTERS | 2024年 / 243卷
基金：
中国国家自然科学基金;
关键词：
Belief disagreement; Debt maturity; Maturity mismatch; LIQUIDITY; RISK; UNCERTAINTY; INCENTIVES; CRISIS;
D O I：
10.1016/j.econlet.2024.111912
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper examines how investors' belief disagreement affects the firm's debt maturity choice. We find that in the presence of belief disagreement, the firm prefers short-term debt to long-term debt. This is because short-term debt is less risky and can attract more optimistic investors, which raises the debt price and reduces the cost of debt financing. Our result is stronger when long-term debt is more risky compared to short-term debt and investors' belief dispersion is higher.
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页数：5
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