Corporate pensions and the maturity structure of debt

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Collection: Articles

Title: Corporate pensions and the maturity structure of debt / Yijia Lin, Sheen Liu, Jifeng Yu
Author: Lin, Yijia
Physical description: 36 p.
Notes: Sumario: In this article, we investigate the role of pension obligations, the most significant off-balance-sheet item, in determining corporate debt maturity and spreads.We begin by showing a significant and robust positive relationship between pension liabilities and corporate short-term debt ratio.We also find that more pension obligations cause a significant increase in the cost of debt, but this effect is mitigated by short-maturity debt. Overall, our study shows that short-term debt can reduce asymmetric information costs related to pensions.
Other authors: Liu, Sheen
Yu, Jifeng
Other categories: 345

Rights: In Copyright (InC): http://rightsstatements.org/vocab/InC/1.0/