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- W2119565404 abstract "In an asymmetric information framework, a number of authors have demonstrated the existence and uniqueness of short-term debt pooling equilibria in the absence of dissipative costs. We show that short-term debt pooling is robust to a broad range of deviations from stationarity and intertemporal independence. However, with intertemporal dependence, separating equilibria exist in which short-term debt signals favourable information. Non-stationary allows for separating equilibria in which long-term debt signals favourable information. A range of deviations from stationarity and intertemporal independence also support long-term debt pooling equilibria." @default.
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- W2119565404 date "1997-05-01" @default.
- W2119565404 modified "2023-09-26" @default.
- W2119565404 title "Cash Flows and Debt Maturity" @default.
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- W2119565404 doi "https://doi.org/10.1111/1468-0335.00079" @default.
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