01336nam a22001817a 4500008004100000022001400041245013400055260004000189300001800229440005500247500067500302690001900977690002400996690002101020942001201041999001901053952008201072190311b        xxu||||| |||| 00| 0 eng d  a0304-405X  aLiquidity risk and maturity management over the credit cycle /  by Atif Mian & João A.C. SantoscAtif Mian & João A.C. Santos  aAmsterdambElsevier cFebruary 2018  aPages 264-284  aJournal of Financial Economicsv127 (2)x0304-405X  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.  aLiquidity risk  aMaturity management  aLoan refinancing  2lcccSE  c361334d361334  00102lcc40aCLbCLcPERd2019-03-11l0r2019-03-11 00:00:00w2019-03-11ySE