“…Penman and Sougiannis (1998) use in their study a maturity of three years, Myers (1999) uses one month. 53 See Bimberg (1993), Morawietz (1994), Arbeitskreis "Finanzierung" der Schmalenbach-Gesellschaft (1996), and Institut der Wirtschaftsprüfer in Deutschland (2002). 54 See, e.g., Claus and Thomas (2001) and Abou and Prat (2003).…”