Corporate Debt Maturity and the Real Effects of the 2007 Credit Crisis

  title={Corporate Debt Maturity and the Real Effects of the 2007 Credit Crisis},
  author={H. Almeida and M. Campello and Bruno Laranjeira and Scott J. Weisbenner},
  journal={Corporate Finance: Capital Structure & Payout Policies},
  • H. Almeida, M. Campello, +1 author Scott J. Weisbenner
  • Published 2009
  • Business, Economics
  • Corporate Finance: Capital Structure & Payout Policies
  • We use the 2007 credit crisis to assess the effect of financial contracting on real corporate behavior. We identify heterogeneity in financial contracting at the onset of the crisis by exploring ex-ante variation in long-term debt maturity. Our empirical methodology uses an experiment-like design in which we control for observed and unobserved firm heterogeneity via a differences-in-differences matching estimator. We study whether firms with large portions of their long-term debt maturing right… CONTINUE READING
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