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dc.contributor.authorGeelen, Thomas
dc.contributor.authorHajda, Jakub
dc.contributor.authorMorellec, Erwan
dc.contributor.authorWinegar, Adam Walter
dc.date.accessioned2025-01-07T14:46:10Z
dc.date.available2025-01-07T14:46:10Z
dc.date.created2024-02-27T13:13:06Z
dc.date.issued2024
dc.identifier.citationJournal of Financial Economics. 2024, 154 .en_US
dc.identifier.issn0304-405X
dc.identifier.urihttps://hdl.handle.net/11250/3171421
dc.description.abstractCapital ages and must eventually be replaced. We propose a theory of financing in which firms borrow to finance investment and deleverage as capital ages to have enough financial slack to finance replacement investments. To achieve these dynamics, firms issue debt with a maturity that matches the useful life of assets and a repayment schedule that reflects the need to free up debt capacity as capital ages. In the model, leverage and debt maturity are negatively related to capital age while debt maturity and the length of debt cycles are positively related to asset life. We provide empirical evidence that strongly supports these predictions.en_US
dc.language.isoengen_US
dc.publisherElsevieren_US
dc.rightsNavngivelse 4.0 Internasjonal*
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/deed.no*
dc.subjectCapital ageen_US
dc.subjectAsset lifeen_US
dc.subjectMaturity matchingen_US
dc.subjectDebt cyclesen_US
dc.subjectMaturity cyclesen_US
dc.titleAsset life, leverage, and debt maturity matchingen_US
dc.title.alternativeAsset life, leverage, and debt maturity matchingen_US
dc.typePeer revieweden_US
dc.typeJournal articleen_US
dc.description.versionpublishedVersionen_US
dc.rights.holderThe Authorsen_US
dc.source.pagenumber22en_US
dc.source.volume154en_US
dc.source.journalJournal of Financial Economicsen_US
dc.identifier.doi10.1016/j.jfineco.2024.103796
dc.identifier.cristin2250248
cristin.ispublishedtrue
cristin.fulltextoriginal
cristin.qualitycode2


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