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Einschätzung der Entwicklung ist die Einbeziehung von Informationen und Schätzungen über die zukünftige weltweite Nachfrage nach …
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This paper investigates the link between the optimal level of non-financial firms' leverage and macroeconomic uncertainty. We develop a structural model of a firm's value maximization problem that predicts that as macroeconomic uncertainty increases the firm will decrease its optimal level of...
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