It takes the average reader and 41 minutes to read Debt Maturity, Risk, and Asymmetric Information by Marco Espinosa-Vega
Assuming a reading speed of 250 words per minute. Learn more
We test the implications of Flannery's (1986) and Diamond's (1991) models concerning the effects of risk and asymmetric information in determining debt maturity, and we examine the overall importance of informational asymmetries in debt maturity choices. We employ data on over 6,000 commercial loans from 53 large U.S. banks. Our results for low-risk firms are consistent with the predictions of both theoretical models, but our findings for high-risk firms conflict with the predictions of Diamond's model and with much of the empirical literature. Our findings also suggest a strong quantitative role for asymmetric information in explaining debt maturity.
Debt Maturity, Risk, and Asymmetric Information by Marco Espinosa-Vega is 41 pages long, and a total of 10,291 words.
This makes it 14% the length of the average book. It also has 13% more words than the average book.
The average oral reading speed is 183 words per minute. This means it takes and 56 minutes to read Debt Maturity, Risk, and Asymmetric Information aloud.
Debt Maturity, Risk, and Asymmetric Information is suitable for students ages 8 and up.
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