An edition of The maturity rat race (2010)

The maturity rat race

The maturity rat race
Markus Konrad Brunnermeier, Ma ...
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Last edited by MARC Bot
October 17, 2020 | History
An edition of The maturity rat race (2010)

The maturity rat race

"We develop a model of endogenous maturity structure for financial institutions that borrow from multiple creditors. We show that a maturity rat race can occur: an individual creditor can have an incentive to shorten the maturity of his own loan to the institution, allowing him to adjust his financing terms or pull out before other creditors can. This, in turn, causes all other lenders to shorten their maturity as well, leading to excessively short-term financing. This rat race occurs when interim information is mostly about the probability of default rather than the recovery in default, and is most pronounced during volatile periods and crises. Overall, firms are exposed to unnecessary rollover risk"--National Bureau of Economic Research web site.

Publish Date
Language
English

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Edition Availability
Cover of: The maturity rat race
The maturity rat race
2010, National Bureau of Economic Research
Electronic resource in English

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Book Details


Edition Notes

Title from PDF file as viewed on 4/5/2011.

Includes bibliographical references.

Also available in print.

System requirements: Adobe Acrobat Reader.

Mode of access: World Wide Web.

Published in
Cambridge, MA
Series
NBER working paper series -- working paper 16607, Working paper series (National Bureau of Economic Research : Online) -- working paper no. 16607.

Classifications

Library of Congress
HB1

The Physical Object

Format
Electronic resource

ID Numbers

Open Library
OL24837724M
LCCN
2011655841

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October 17, 2020 Edited by MARC Bot import existing book
July 26, 2011 Created by LC Bot import new book