000			01241nam a22001697a 4500
008			190311b xxu||||| |||| 00| 0 eng d
022			_a0304-405X
245			_aLiquidity risk and maturity management over the credit cycle / by Atif Mian & João A.C. Santos _cAtif Mian & João A.C. Santos
260			_aAmsterdam _bElsevier _cFebruary 2018
300			_aPages 264-284
440			_aJournal of Financial Economics _v127 (2) _x0304-405X
500			_aAbstract We show that firm demand-side factors are strong drivers of procyclical refinancing behavior over the credit cycle using novel data from the Shared National Credit program. Firms are more likely to refinance early when credit conditions are good to keep the effective maturity of their loans long and hedge against having to refinance in tight credit conditions. High credit quality firms are better able to hedge, making their refinancing propensity more sensitive to credit cycles than less creditworthy firms. There is a strong relationship between refinancing a loan, and subsequent growth in capital expenditure, especially when a loan is refinanced early.
690			_aLiquidity risk
690			_aMaturity management
690			_aLoan refinancing
942			_2lcc _cSE
999			_c361334 _d361334