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Corporate pensions and the maturity structure of debt

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      <subfield code="a">Lin, Yijia</subfield>
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      <subfield code="a">Corporate pensions and the maturity structure of debt</subfield>
      <subfield code="c">Yijia Lin, Sheen Liu, Jifeng Yu</subfield>
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      <subfield code="a">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.</subfield>
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      <subfield code="a">Planes de pensiones de empresa</subfield>
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      <subfield code="a">Análisis de riesgos</subfield>
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      <subfield code="a">Liu, Sheen</subfield>
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      <subfield code="a">Yu, Jifeng</subfield>
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      <subfield code="t">The Journal of risk and insurance</subfield>
      <subfield code="d">Nueva York : The American Risk and Insurance Association, 1964-</subfield>
      <subfield code="x">0022-4367</subfield>
      <subfield code="g">03/06/2019 Volumen 86 Número 2 - junio 2019 , p. 315-350</subfield>
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