Corporate pensions and the maturity structure of debt

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<title>Corporate pensions and the maturity structure of debt</title>
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<name type="personal" usage="primary">
<namePart>Lin, Yijia</namePart>
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<name type="personal">
<namePart>Liu, Sheen</namePart>
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<name type="personal">
<namePart>Yu, Jifeng</namePart>
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<abstract>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.</abstract>
<note type="statement of responsibility">Yijia Lin, Sheen Liu, Jifeng Yu</note>
<subject>
<topic>Gerencia de riesgos</topic>
</subject>
<subject>
<topic>Inversiones</topic>
</subject>
<subject>
<topic>Planes de pensiones de empresa</topic>
</subject>
<subject>
<topic>Análisis de riesgos</topic>
</subject>
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<title>The Journal of risk and insurance</title>
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<publisher>Nueva York : The American Risk and Insurance Association, 1964-</publisher>
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<identifier type="issn">0022-4367</identifier>
<identifier type="local">MAP20077000727</identifier>
<part>
<text>03/06/2019 Volumen 86 Número 2 - junio 2019 , p. 315-350</text>
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