Levin, Andrew Theo (contributor); … - 2004
finance by estimating the structural parameters of a canonical debt-contracting model with informational frictions. For this … spreads on publicly traded debt for about 900 U.S. firms over the period 1997Q1 to 2003Q3. Using nonlinear least squares, we … the expansionary period 1997-99, but rose sharply in 2000--especially for firms with higher ratios of debt to equity …