Risk aversion and debt maturity structure

dc.creator	Jorge Fernández Ruiz
dc.creator	Blanca Cecilia García
dc.date	2003
dc.date.accessioned	2022-03-22T16:07:33Z
dc.date.available	2022-03-22T16:07:33Z
dc.identifier	http://www.redalyc.org/articulo.oa?id=32312204
dc.identifier.uri	http://biblioteca-repositorio.clacso.edu.ar/handle/CLACSO/82838
dc.description	We study the relationship of risk aversion and debt maturity structure. In a model in which adverse selection in financial markets creates a role for the use of short-term debt, we allow the possibility of borrowers being risk-averse. This creates a trade-off between reduced expected financing costs and higher risk and allows for the study of the effect of risk aversion on optimal maturity structure. We prove that, as risk aversion increases, so does the percentage of debt that is long-term.
dc.format	application/pdf
dc.language	en
dc.publisher	Centro de Investigación y Docencia Económicas, A.C.
dc.relation	http://www.redalyc.org/revista.oa?id=323
dc.rights	Economía Mexicana. Nueva Época
dc.source	Economía Mexicana. Nueva Época (México) Num.2 Vol.XII
dc.subject	Economía y Finanzas
dc.subject	risk aversion
dc.subject	debt maturity structure
dc.subject	adverse selection
dc.title	Risk aversion and debt maturity structure
dc.type	artículo científico