{"id":7244,"date":"2023-01-06T14:01:33","date_gmt":"2023-01-06T13:01:33","guid":{"rendered":"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-professor-thomas-geelen-copenhagen-business-school\/"},"modified":"2024-02-22T09:50:55","modified_gmt":"2024-02-22T08:50:55","slug":"df-lunch-seminar-professor-thomas-geelen-copenhagen-business-school","status":"publish","type":"events","link":"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-professor-thomas-geelen-copenhagen-business-school\/","title":{"rendered":"DF Lunch Seminar Professor Thomas Geelen, Copenhagen Business School"},"content":{"rendered":"\n<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\">\n<p><strong>Abstract:<\/strong><\/p>\n\n\n\n<p>Capital ages and must eventually be replaced. We propose a theory of financing in which firms finance new capital with debt and optimally deleverage to free up debt capacity as their capital ages, thereby generating debt cycles. Concurrently, firms shorten the maturity of their debt to match the remaining life of their capital, generating maturity cycles. These firm-level financing cycles drive aggregate leverage and maturity dynamics when capital age is correlated across firms. We provide time series and cross-sectional evidence that strongly supports these independent predictions and highlights the key roles of capital age and asset life in financing cycles.<\/p>\n<\/div><\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":47,"featured_media":7245,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"event_start_date":"2022-05-11 12:00:00","event_end_date":"2022-05-11 13:15:00","event_speaker_name":"Professor Thomas Geelen","event_speaker_link":"","event_is_online":false,"event_location":"Main Building, Room D10D","event_street":"University of Luxembourg 6 Rue Richard Coudenhove-Kalergi","event_location_link":"","event_zip_code":"1359","event_city":"Luxembourg","event_country":"LU"},"events-topic":[301],"events-type":[],"organisation":[116],"authorship":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DF Lunch Seminar Professor Thomas Geelen, Copenhagen Business School - FDEF events I Uni.lu<\/title>\n<meta name=\"description\" content=\"Abstract: Capital ages and must eventually be replaced. We propose a theory of financing in which firms finance new capital with debt and optimally\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-professor-thomas-geelen-copenhagen-business-school\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DF Lunch Seminar Professor Thomas Geelen, Copenhagen Business School\" \/>\n<meta property=\"og:description\" content=\"Abstract: Capital ages and must eventually be replaced. We propose a theory of financing in which firms finance new capital with debt and optimally\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-professor-thomas-geelen-copenhagen-business-school\/\" \/>\n<meta property=\"og:site_name\" content=\"FDEF EN\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/uni.FDEF.lu\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-22T08:50:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/01\/default-5.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1500\" \/>\n\t<meta property=\"og:image:height\" content=\"1125\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-professor-thomas-geelen-copenhagen-business-school\/\",\"url\":\"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-professor-thomas-geelen-copenhagen-business-school\/\",\"name\":\"DF Lunch Seminar Professor Thomas Geelen, Copenhagen Business School - FDEF events I Uni.lu\",\"isPartOf\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-professor-thomas-geelen-copenhagen-business-school\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-professor-thomas-geelen-copenhagen-business-school\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/01\/default-5.jpg\",\"datePublished\":\"2023-01-06T13:01:33+00:00\",\"dateModified\":\"2024-02-22T08:50:55+00:00\",\"description\":\"Abstract: Capital ages and must eventually be replaced. 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