Lee, Dong Wook; Shin, Hyun-Han; Stulz, René M. - 2016
, but not since then. Since industries with a higher funding rate grow more, there is a negative correlation not only … between an industry's funding rate and industry q but also between capital expenditures and industry q since the mid-1990s. We … the 1990s, firms in high q industries increasingly repurchase shares rather than raise more funding from the capital …