regulated firm, A key aspect of the referred relationship pertains a leverage effect according to which debt could be increased … uni-directional causality from INV to NDEBT and therefore is, to a large extent, consistent with a leverage effect and …

particular, our results show that the optimal dividend is smooth over time and that leverage is predominantly constant over time …

core. The estimated model matches four facts about banks’ Tobin’s Q that summarize bank leverage dynamics. (1) Book and … nor market leverage constraints are binding for most banks; (4) bank leverage and Tobin’s Q are mean reverting but …

distribution of the leverage of European foreign owned subsidiaries in the presence of unobserved company characteristics, possibly …) distribution of leverage. In particular, when the leverage ratio is low enough, an increase in a subsidiary’s tax rate stimulates … its borrowing. When however, the leverage ratio is high enough, taxes do not matter. We also find that the parent company …