Adam Walter Winegar

Geelen, Thomas; Hajda, Jakub, Morellec, Erwan & Winegar, Adam Walter (2024)

Asset life, leverage, and debt maturity matching

Journal of Financial Economics, 154 Doi: 10.1016/j.jfineco.2024.103796

Capital ages and must eventually be replaced. We propose a theory of financing in which firms borrow to finance investment and deleverage as capital ages to have enough financial slack to finance replacement investments. To achieve these dynamics, firms issue debt with a maturity that matches the useful life of assets and a repayment schedule that reflects the need to free up debt capacity as capital ages. In the model, leverage and debt maturity are negatively related to capital age while debt maturity and the length of debt cycles are positively related to asset life. We provide empirical evidence that strongly supports these predictions.

Winegar, Adam Walter & Jansen, Mark (2018)

Non-pecuniary Benefits: Evidence from the Location of Private Company Sales

[Academic lecture]. 2nd Annual Private Markets Research Conference.

Winegar, Adam Walter (2018)

Adverse Selection, Capital Supply, and Venture Capital Allocation

[Academic lecture]. SFS North American Cavalcade.

Winegar, Adam Walter (2017)

Adverse Selection, Capital Supply, and Venture Capital Allocation

[Academic lecture]. Paris Financial Management Conference.

Winegar, Adam Walter & Anjos, Fernando (2017)

A Signaling Theory of Derivatives-Based Hedging

[Academic lecture]. 15th Paris December Finance Conference.