Dobridge, Christine L.; Gilje, Erik P.; Whitten, Andrew - National Bureau of Economic Research - 2022
Using firm-level administrative tax data on the 43% of business liabilities in the United States tied to privately held … firms, we document dramatic reductions in leverage since the Great Recession. Leverage for the average private firm fell … leverage among private firms is inconsistent with theories that suggest firm leverage tracks pro-cyclical credit market …