, we estimate a multinomial logit model whichconfirms several predictions of both the static trade-off theory and … thepecking-order theory as to the determinants of financing choices. Next, weuse ordered probit models to determine which …

potentially incorrect conclusions regarding the case of Dutch disease in Canada. We propose a new approach that is aimed at … separate impact of the two currency components on the shares of manufacturing employment in Canada. We show that 42 per cent of …

We develop an economic theory of “flexibility”, which we interpret as the discretion orability to make a decision that …

ofthis theory of capital structure evolution is that optimal capital structure is essentiallydynamic, and depends on the firm …’s stock price, implying that firms issue equity when stockprices are high and debt when stock prices are low. The theory … testablepredictions. Moreover, the theory can rationalize the use of debt in the absence of taxes,agency costs or signaling considerations. …