English, Article edition: The Determinants and Implications of Matching Maturities Sang-Gyung Jun; Frank C. Jen

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Physical Description
  • article
Language
  • English

Edition details

Title
  • The Determinants and Implications of Matching Maturities
Author
  • Sang-Gyung Jun
  • Frank C. Jen
Physical Description
  • article
Notes
  • Though maturity matching is a common practice in real finance, no academic study has been conducted yet on cross-sectional variations in the degree of maturity matching. This study derives hypotheses on the maturity matching and empirically tests them. We show that firms with a higher degree of maturity matching are more likely to stabilize equity values: they have lower stock return volatilities. We also show evidence supporting the existence of an optimal level of maturity matching. Though financially strong firms generally employ a higher degree of maturity matching, the relationship between financial strength and maturity matching is not monotonic.
  • Maturity matching, immunization, agency costs, return volatility, financial strength
  • RePEc:wsi:rpbfmp:v:08:y:2005:i:02:p:309-337
Language
  • English
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