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2003
- handle: 10670/1.4b9f2y
- 1665-2045
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Economía Mexicana. Nueva Época
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Blanca Cecilia García et al., « Risk aversion and debt maturity structure », Economía Mexicana. Nueva Época, ID : 10670/1.4b9f2y
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Résumé
"We study the relationship of risk aversion and debt maturitystructure. In a model in which adverse selection in financial marketscreates a role for the use of short-term debt, we allow the possibility ofborrowers being risk-averse. This creates a trade-off between reducedexpected financing costs and higher risk and allows for the study of theeffect of risk aversion on optimal maturity structure. We prove that, asrisk aversion increases, so does the percentage of debt that is long-term."