The determinants of corporate debt maturity structure

Article Abstract:

Little is known about the empirical determinants of corporate debt maturity structure because of the difficulty in gathering readily available and detailed information about the debt and debt-like obligations of a firm. Of the few studies that attempted to investigate the determinants of debt maturity structure, majority focused on the term-to-maturity of public debt issues or measures of the proportion of short-term and long-term debt in the capital structures of the firm. To correct this situation, a study was conducted using a maturity structure measure that includes detailed information about all of the liabilities of a firm. Results showed that larger, less risky firms with long-term asset maturities employ longer-term debt. Moreover, debt maturity was inversely related to earnings surprises and the effective tax rate of a firm. A non-monotonic relationship was found between debt maturity and bond rating.

Research, Debt financing (Corporations), Debt financing

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The market value of differential voting rights in closely held corporations

Article Abstract:

Price differences between share classes that are differentiated only by voting rights are studied, focusing on the two publicly traded share classes of six companies (American Maize-Products, Brown-Forman Distillers, Harvey Hubbell, Plymouth Rubber, Presidential Realty, and Resorts International). Voting control in all six companies was held by officers and directors. Price differences were found between the share classes, but the source of the differences was not discovered.

Political activity, Stockholders, Securities, Close corporations, Closely held corporations

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The value of shelf registration for new debt issues

Article Abstract:

The ability of the Securities and Exchange Commission Rule 415, also known as shelf registration, to provide flexibility in timing debt issues is examined. Price fluctuations around the issue dates of shelf and non-shelf bonds are analyzed. The results indicate that the shelf rule does provide market-timing flexibility.

Laws, regulations and rules, Securities industry, Disclosure (Securities law)

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