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UID:4d9b3bb976105899db72a61b1b1d382a
CATEGORIES:Seminars
CREATED:20170426T192028
SUMMARY:Martin Oehmke - Columbia Business School
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:A Model of Debt Structure\nAbstract:\n We provide a model of the term struc
 ture of corporate debt. The optimal debt contract balances the need to prov
 ide sufficient termination threat to make repayments incentive compatible (
 favoring early repayments) with the desire to avoid costly early liquidatio
 n (favoring late repayments). This simple trade-off endogenously determines
  (i) the number of repayment dates, (ii) their timing, and (iii) promised r
 epayment amounts. Firms with stable risky cash flows and large outside fina
 ncing needs make debt payments earlier and more often, effectively a sequen
 ce of short-term debt contracts. For firms with cash-flow growth or signifi
 cant risk-free cash-flow component, on the other hand, adding risky repayme
 nt dates can decrease pledgeable income. In some cases, pledgeability is ma
 ximized with one risky bullet repayment far in the future, effectively a lo
 ng-term debt contract.\n
DTSTAMP:20260405T194908Z
DTSTART:20170421T113000Z
DTEND:20170421T130000Z
SEQUENCE:0
TRANSP:OPAQUE
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