TY - JOUR TI - Interest rate uncertainty and corporate debt maturity AU - Mitchell, Karlyn T2 - Journal of Economics and Business AB - This paper presents an expected utility model of the corporate debt maturity decision to help explain the 20-year decline in the average maturity of U.S. corporate sector debt. Simulations of the model suggest that increasing uncertainty about future nominal interest rates caused the decline in debt maturity: managers substituted away from long-term debt to avoid rolling over the debt at highly uncertain future rates. DA - 1987/5// PY - 1987/5// DO - 10.1016/0148-6195(87)90010-5 VL - 39 IS - 2 SP - 101-114 J2 - Journal of Economics and Business LA - en OP - SN - 0148-6195 UR - http://dx.doi.org/10.1016/0148-6195(87)90010-5 DB - Crossref ER - TY - JOUR TI - A COMPARISON OF ANNUAL COMMON-STOCK RETURNS - 1871-1925 WITH 1926-85 AU - WILSON, JW AU - JONES, CP T2 - JOURNAL OF BUSINESS AB - Lawrence Fisher and James H. Lorie, and Roger G. Ibbotson and Rex A. Sinquefield have documented annual returns on common stocks since 1926. Prior to 1926, due to the work of the Cowles Commission, annual returns can be extended back to January 1871. This study utilizes Alfred Cowles's reconstruction of common stock returns to provide a comparison between the periods 1871-1925 and 1926-85. A comparable series of annual returns over the complete 115-year period is developed in both nominal and inflation-adjusted terms. The comparison of the two periods suggests that the inflation-adjusted return averages 6.6 percent with similar variability between the two periods. Copyright 1987 by the University of Chicago. DA - 1987/4// PY - 1987/4// DO - 10.1086/296394 VL - 60 IS - 2 SP - 239-258 SN - 0021-9398 ER -