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Debt Maturity Management

Yunzhi Hu et al.

The Review of Financial Studies2026https://doi.org/10.1093/rfs/hhag007article
FT50UTD24AJG 4*ABDC A*
Weight
0.50

Abstract

This paper studies how a borrower issues long- and short-term debt in response to shocks to the fundamental value. Short-term debt protects creditors from future dilution and incentivizes the borrower to reduce leverage after small negative shocks. Long-term debt postpones default and allows the borrower time to recover after large negative shocks. When borrowers are in distress, they rely on short-term debt; however, they issue both types of debt during more normal periods. Our model generates novel implications for the dynamic adjustment of debt maturities. (JEL G32, G33)

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https://doi.org/https://doi.org/10.1093/rfs/hhag007

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@article{yunzhi2026,
  title        = {{Debt Maturity Management}},
  author       = {Yunzhi Hu et al.},
  journal      = {The Review of Financial Studies},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1093/rfs/hhag007},
}

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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