political risk. We focus on two choice variables, the leverage and the ownership structure of the foreign affiliate, and we … analysis we find that, as political risk increases, the ownership share always decreases, whereas leverage can both increase or …

higher leverage if they are privately-controlled and if they are regulated by an independent regulatory agency. Moreover, we … find that the leverage of these firms has a positive and significant effect on their regulated prices, but not vice versa … privately-controlled firms use leverage strategically to shield themselves against regulatory opportunism. …

establishment-level data, we show that firms that tightened their debt capacity in the run-up (“high-leverage firms”) exhibit a … significantly larger decline in employment in response to household demand shocks than firms that freed up debt capacity (“low-leverage … among establishments of high-leverage firms. At the county level, we find that counties with a larger fraction of …

We present new stylized facts on bank and firm leverage for 2000-2009 using extensive internationally comparable micro … level data from several countries. The main result is that there was very little buildup in leverage for the average non … investment banks worldwide. We document the following patterns: a) there was an increase in leverage ratios of investment banks …

leverage of the financial sector is two and a half times that of the goods-producers in the BGG model. This causes a much more …

leverage. Those emerging economies that avoided leverage booms during the 2000s also were most likely to avoid the worst …