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Debt maturity: What do economists say? What do CFOs say?

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  • Mitchell Berlin

Abstract

Mitchell Berlin discusses recent theories of how firms choose their debt maturity. Some of these theories are very useful for explaining how chief financial officers (CFOs) choose the maturity of their firms? debt. However, CFOs seem to believe that they can predict future interest rates and time their borrowings accordingly, and this behavior fundamentally conflicts with most economic theories.

Suggested Citation

  • Mitchell Berlin, 2006. "Debt maturity: What do economists say? What do CFOs say?," Business Review, Federal Reserve Bank of Philadelphia, issue Q1, pages 3-10.
    • Handle: RePEc:fip:fedpbr:y:2006:i:q1:p:3-10
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    File URL: https://www.philadelphiafed.org/-/media/frbp/assets/economy/articles/business-review/2006/q1/Q1_06_DebtMaturity.pdf
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    Citations

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    Cited by:

    1. Inder K. Khurana & Changjiang Wang, 2015. "Debt Maturity Structure and Accounting Conservatism," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 42(1-2), pages 167-203, January.
    2. Javier J. Pérez & Rocío Prieto, 2014. "The structure of sub-natural public debt: Liquidity vs credit risk," Working Papers 1403, Banco de España.
    3. Zhang, Le, 2017. "CEOs' early-life experiences and corporate policy: Evidence from China's great famine," Pacific-Basin Finance Journal, Elsevier, vol. 46(PA), pages 57-77.
    4. Javier J. Pérez & Rocío Prieto, 2015. "Risk Factors and the Maturity of Subnational Debt," Public Finance Review, , vol. 43(6), pages 786-815, November.
    5. Mitkov, Yuliyan, 2024. "A theory of debt maturity and innovation," Journal of Economic Theory, Elsevier, vol. 218(C).

    More about this item

    Keywords

    Debt management;

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