Bris, Arturo; Koskinen, Yrjö; Pons, Vicente - In: The Journal of Business 77 (2004) 4, pp. 749-796
This paper studies firm-level leverage and performance measures before and after a currency crisis, using data from 17 countries. We show that, prior to a crisis, companies that expect to benefit from currency depreciations increase their leverage more than companies that are expected to be...