Corporate pensions and the maturity structure of debt

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<dc:creator>Lin, Yijia</dc:creator>
<dc:creator>Liu, Sheen</dc:creator>
<dc:creator>Yu, Jifeng</dc:creator>
<dc:description xml:lang="es">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.</dc:description>
<dc:rights xml:lang="es">In Copyright (InC) -</dc:rights>
<dc:subject xml:lang="es">Gerencia de riesgos</dc:subject>
<dc:subject xml:lang="es">Inversiones</dc:subject>
<dc:subject xml:lang="es">Planes de pensiones de empresa</dc:subject>
<dc:subject xml:lang="es">Análisis de riesgos</dc:subject>
<dc:type xml:lang="es">Artículos y capítulos</dc:type>
<dc:title xml:lang="es">Corporate pensions and the maturity structure of debt</dc:title>
<dc:format xml:lang="es">36 p.</dc:format>
<dc:relation xml:lang="es">En: The Journal of risk and insurance. - Nueva York : The American Risk and Insurance Association, 1964- = ISSN 0022-4367. - 03/06/2019 Volumen 86 Número 2 - junio 2019 , p. 315-350</dc:relation>