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This paper provides a comprehensive examination of the ways in which companies respond to a country-wide crisis through the restructuring of their assets (through asset sales, mergers or liquidations) or liabilities. We find the restructuring of liabilities to be the most common type of...
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distribution methods. For the full twenty-year sample, only dividend changes are correlated with changes in future income. Moreover …, the dividend coefficient and the repurchases coefficient differ statistically different in every future income equation … disadvantage of dividend distributions. This evidence supports the notion that, at least for a period in time, firms deliberately …
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returns from the dividend yield give rise to a non-monotonic relationship between the investment horizon and the demand for …
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"In the presence of infrequent but observable structural breaks, we show that a model in which the representative agent is on a rational learning path concerning the real consumption growth process can generate high equity premia and low risk-free interest rates. In fact, when the model is...
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