Maturity Rationing and Collective Short-Termism

For helpful comments, we thank Viral Acharya, Heitor Almeida, Nittai Bergman, Markus Brunnermeier, Patrick Bolton, Charlie Calomiris, Elena Carletti, Douglas Gale, Barney Hartman-Glaser, Zhiguo He, Florian Heider, Peter Kondor, Christian Opp, Marcus Opp, Tano Santos, Elu von Thadden, and seminar participants at MIT Sloan, Columbia, ESSFM Gerzensee, the 2nd Tepper-LAEF Macro Finance Conference, the 4th meeting of the Finance Theory Group, the 2012 AEA meetings, Mannheim, Stockholm School of Economics, ESMT Berlin, Binghamton, the 2012 OxFIT conference, the 2013 European Winter Finance Conference, University of Minnesota, University of Calgary, the New York Fed, the NBER symposium on Understanding the Capital Structures of Non-Financial and Financial Institutions, the New York Fed/NYU Stern Conference on Financial Intermediation, and Princeton University. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.