Debt maturity structure and forward-looking disclosure
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This paper examines how corporate debt maturity relates to forward-looking disclosures. I find that higher levels of short-maturity debt are associated with increases in forward-looking disclosures, consistent with firms fulfilling the demand for information when faced with increased uncertainty due to refinancing risks. My results are robust to a gamut of measures of forward-looking disclosures. To address endogeneity concerns, I conduct instrumental variables estimations with three different choices of instruments and also estimate a simultaneous equations model. Overall, my results consistently show that corporate debt maturity structure shapes firms' disclosures.
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Ph. D.