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":72559,"title":"Lunch Talks \"From Data to Impact: Showcasing Open Research Datasets\"","slug":"lunch-talks-from-data-to-impact-showcasing-open-re","event_url":"https://memento.epfl.ch/event/lunch-talks-from-data-to-impact-showcasing-open-re","visual_url":"https://memento.epfl.ch/image/33809/200x112.jpg","visual_large_url":"https://memento.epfl.ch/image/33809/720x405.jpg","visual_maxsize_url":"https://memento.epfl.ch/image/33809/max-size.jpg","lang":"en","start_date":"2026-10-06","end_date":"2026-10-06","start_time":"12:15:00","end_time":"13:45:00","description":"Join the next Lunch Talks session, \"From Data to Impact: Showcasing Open Research Datasets\", on October 6th, from 12:15 to 13:45, in CM 1 2.Join our online information to get to know the EPFL SRVC executive program for Transforming Business with AI & Data Tech (CAS in Value Chain Data Technologies) with Executive Director Ms. Elaine Moran.
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\r\nLearn how this program empowers professionals to drive sustainable innovation with AI, IoT & Digital Twins - and get all your questions answered.
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\r\n> Register here
UNIL+EPFL Health Days 2026 invite you to dedicate some time to your physical and mental well-being from 28 September to 8 October. Over the course of these two weeks, a wide range of inspiring conferences, workshops and activities will take place at various times throughout the day. Some events will be open to the general public and offered in French and/or English.
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\r\nMembers of the university community will be able to take advantage of the health screenings and assessments available at the Health Village, hosted during the first week on the EPFL campus and during the second week on the University of Lausanne campus. They will also have access to information stands run by services and partners committed to promoting a comprehensive, 360-degree approach to health and well-being.
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\r\nThe programme will be available at the end of August on the dedicated website: https://jours-sante.ch/.
![\"\"](\"https://foster-lead-promote.ch/wp-content/uploads/2026/01/CG_EPFL_2026.png\")
\r\nWhat if robots didn’t replace humans, but collaborated with us?
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\r\nOn the occasion of the exhibition Do Robots Dream of Construction Sites?, on view at Archizoom from 9 September to 5 December 2026, we invite you to explore a selection of scientific and popular science books, as well as science fiction novels dedicated to human-robot interactions, a theme at the heart of the exhibition.
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\r\nThis selection offers different perspectives on robotics, automation, work, and the future forms of collaboration between humans and machines.
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\r\nAll documents can be borrowed according to the Library’s standard borrowing conditions.
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\r\nDiscover the selection at the Espace Découverte from 5 October to 7 December 2026, as well as online.
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\r\nBrowse the Library's online reading selection: go.epfl.ch/library-robots
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\r\nLearn more about the Archizoom exhibition: memento.epfl.ch/event/do-robots-dream-of-construction-sites-archizoom
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