I develop a dynamic capital structure framework in which many firms supply debt without commitment, and debt prices are determined by market clearing. Corporate debt is not a standard asset with fixed supply and exogenous cash flows. Its market valuation affects debt issuance, which in turn affects aggregate debt supply, default risk, and the cash flows delivered by debt. The model shows how debt demand is an important determinant of leverage dynamics and the cross-sectional distribution of leverage. Importantly, stronger debt demand is entirely absorbed by issuance and leads to lower long-run bond prices in equilibrium. I then extend the framework to allow for imperfect substitutability across bonds. Credit rating segmentation generates leverage dynamics around rating boundaries that are consistent with empirical evidence. When investors have preferred habitats, endogenous demand and supply jointly determine maturity premia. Correlation across cash-flow shocks affects the speed of leverage adjustment and can induce firms to repurchase debt optimally.
","image_description":"","creation_date":"2026-09-01T11:07:17","last_modification_date":"2026-09-25T15:43:17","link_label":"","link_url":"","canceled":"False","cancel_reason":"","place_and_room":"UNIL, Extranef, room 126","url_place_and_room":"","url_online_room":"","spoken_languages":["https://memento.epfl.ch/api/v1/spoken_languages/2/?format=json"],"speaker":"Darius Nik-Nejad - PhD, SFI@EPFL","organizer":"","contact":"sophie.cadenakauz@epfl.ch","is_internal":"False","theme":"","vulgarization":{"id":2,"fr_label":"Public averti","en_label":"Informed public"},"registration":{"id":2,"fr_label":"Sur invitation","en_label":"Invitation required"},"keywords":"","file":null,"icalendar_url":"https://memento.epfl.ch/event/export/121643/","category":{"id":1,"code":"CONF","fr_label":"Conférences - Séminaires","en_label":"Conferences - Seminars","activated":true},"academic_calendar_category":null,"domains":[],"mementos":["https://memento.epfl.ch/api/v1/mementos/3/?format=json","https://memento.epfl.ch/api/v1/mementos/39/?format=json","https://memento.epfl.ch/api/v1/mementos/105/?format=json","https://memento.epfl.ch/api/v1/mementos/116/?format=json"]},{"id":71039,"title":"Practical Course by BIOP : Fiji for Everyday Tasks","slug":"practical-course-by-biop-fiji-for-everyday-task-15","event_url":"https://memento.epfl.ch/event/practical-course-by-biop-fiji-for-everyday-task-15","visual_url":"https://memento.epfl.ch/image/32430/200x112.jpg","visual_large_url":"https://memento.epfl.ch/image/32430/720x405.jpg","visual_maxsize_url":"https://memento.epfl.ch/image/32430/max-size.jpg","lang":"en","start_date":"2026-10-06","end_date":"2026-10-06","start_time":"13:00:00","end_time":"17:00:00","description":"During this afternoon, you will work on hands-on exercises in Fiji for everyday tasks such as building your own macros, opening large datasets and image display tricks. More advanced topics, such as how to perform curve fitting, plotting line profiles, reslicing your data and batch processing, are also included.
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\r\nPlease feel free to suggest extra topics when you register. Depending on the replies, this will tailor the end of the day with some practicals ( for example : Colocalization, Tracking with Trackmate or cell detection with StarDist or Cellpose in Fiji ... )
\r\nWhile the course is of general use, the examples and applications are primarily relevant for those using light microscopy techniques.\r\n
\r\nEPFL Investor Day 2026 brings together leading investors and ambitious deeptech startups from EPFL and across Western Switzerland.
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\r\nTaking place on Wednesday, 25 November 2026 at the SwissTech Convention Center, the event is structured in two parts:\r\n
How can we meaningfully interpret neuronal calcium imaging data? Calcium imaging is one of the key methods used to record neuronal activity from the brain of animals. I will outline why the interpretation of calcium signals remains a major bottleneck in understanding neuronal activity and plasticity. I will trace the origins of this problem and how partial solutions have been provided by my own and by others' work, and how these issues are affected by recording conditions and different calcium indicators (e.g., OGB-1, GCaMP6, GCaMP8). I will propose a conceptual path forward that could make calcium imaging a more powerful tool than it currently is.
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