We document the cyclical behavior of debt, equity, and retained earnings for different firm categories using firm …-level Canadian data. There is evidence of both procyclical equity and debt issuance for all firm categories but the timing differs …, some substitution between debt and equity takes place. After the expansion has reached its peak, equity issuance starts to …

corporate firms, we compare financing relationships for private and public firms. Leverage ratios are lower for public firms and … the difference is almost entirely driven by private firms’ stronger reliance on short-term debt. We also find that private … and public firms’ debt financing responds differently to industry shocks. In periods of positive industry shocks, private …

The literature on market timing of long-term debt issuance yields mixed evidence that managers can successfully time … their debt-maturity issuance. The early results that are indicative of debt-maturity timing are not robust to accounting for … structural breaks or to other measures of debt maturity from firm-level data that account for call and put provisions in debt …

's return, volatility, and leverage, Canadian firms still have a higher propensity to get delisted than other foreign cross …

stock liquidity are negatively related to cost of equity, while greater firm financial leverage and greater dispersion in …

the value of their housing stock. The purpose of this paper is to quantify the role of collateralized household debt in …