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Essays on debt maturity.

Benmelech, Efraim.

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Essays on debt maturity.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays on debt maturity./
Author:	Benmelech, Efraim.
Description:	147 p.
Notes:	Source: Dissertation Abstracts International, Volume: 66-03, Section: A, page: 1066.
Contained By:	Dissertation Abstracts International66-03A.
Subject:	Business Administration, Banking. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3168319
ISBN:	0542040786

Essays on debt maturity.
Benmelech, Efraim.

Essays on debt maturity. - 147 p.

Source: Dissertation Abstracts International, Volume: 66-03, Section: A, page: 1066.

Thesis (Ph.D.)--The University of Chicago, 2005.

In the first chapter I investigate the effect of assets' liquidation values on capital structure by exploiting the diversity of track gauges in 19th century American railroads. The abundance of track gauges limited the redeployability of rolling stock and tracks to potential users with similar track gauge. Moreover, potential demand for both rolling stock and tracks was further diminished when many railroads went under equity receiverships and were prevented from participating in the market for used capital. Using a unique dataset of more than 220 19th century American railroads, I find that railroads that had more redeployable cars, and that conformed to a commonly used track gauge, had longer debt maturities. In addition, the potential demand for a railroad's rolling stock and tracks were significant determinants of debt maturity. Interestingly, there is no evidence that salability or industry-demand for assets were correlated with leverage.

ISBN: 0542040786Subjects--Topical Terms:

1018458
Business Administration, Banking.

Essays on debt maturity.
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100 1 $a Benmelech, Efraim. $3 1904018
245 1 0 $a Essays on debt maturity.
300 $a 147 p.
500 $a Source: Dissertation Abstracts International, Volume: 66-03, Section: A, page: 1066.
500 $a Adviser: Douglas W. Diamond.
502 $a Thesis (Ph.D.)--The University of Chicago, 2005.
520 $a In the first chapter I investigate the effect of assets' liquidation values on capital structure by exploiting the diversity of track gauges in 19th century American railroads. The abundance of track gauges limited the redeployability of rolling stock and tracks to potential users with similar track gauge. Moreover, potential demand for both rolling stock and tracks was further diminished when many railroads went under equity receiverships and were prevented from participating in the market for used capital. Using a unique dataset of more than 220 19th century American railroads, I find that railroads that had more redeployable cars, and that conformed to a commonly used track gauge, had longer debt maturities. In addition, the potential demand for a railroad's rolling stock and tracks were significant determinants of debt maturity. Interestingly, there is no evidence that salability or industry-demand for assets were correlated with leverage.
520 $a In the second chapter I analyze empirically the relation between liquidation value, and debt maturity and leverage. Theoretical models in corporate finance suggest that higher liquidation value is an important determinant of capital structure. I use three alternative proxies for asset specificity, redeployability and industry liquidity. The evidence offers strong support for the prediction that higher a liquidation value should be associated with longer-term debt. Surprisingly, there is only weak evidence that liquidation value is an important determinants of leverage.
520 $a In the third chapter I develop a model that endogenizes debt maturity choice by self-interested managers given the size of their private benefits of control and the liquidation value of the project. I characterize the relation between liquidation value and debt maturity. On one hand high liquidation value is a plus for the borrower, since he can pledge a more valuable asset as a collateral and lower his cost of capital. On the other hand, high liquidation value also increases the likelihood of early termination and liquidation by short-term creditors. High liquidation value is thus a double-edged sword. I study these implications for debt maturity.
590 $a School code: 0330.
650 4 $a Business Administration, Banking. $3 1018458
650 4 $a Economics, Finance. $3 626650
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710 2 0 $a The University of Chicago. $3 1017389
773 0 $t Dissertation Abstracts International $g 66-03A.
790 1 0 $a Diamond, Douglas W., $e advisor
790 $a 0330
791 $a Ph.D.
792 $a 2005
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3168319