Momentum, size and value factors versus systematic co-moments in stock returns.

The paper investigates the effects of firm-specific and country-specific characteristics, and the 1997Asian financial crisis on the debt maturity structure of firms in the Asia Pacific region. Given that theeconomies of the sample countries were at different stages of development and were affected by the1997 Asian financial crisis by different degrees, the paper explores the effects of the crisis on debtmaturity structure by grouping the sample countries according to the severity of the crisis. The resultsindicate that firms adjust their debt maturity structure to target level very quickly; the maturitystructure decision of a firm is the product of both its own characteristics and the economic andinstitutional environment in which it operates. They also reveal that the crisis had significant effectson firm’s debt maturity structure and their determinants