like no other at a time of record-breaking debt levels, especially among nonfinancial firms across the world, could …-pronged approach to investigate the relationship between corporate leverage and fixed investment spending. The empirical analysis …, robust to a battery of sensitivity checks, confirm corporate leverage is highly vulnerable to disruptions in profitability …

countries, industries, firms, and years in leverage and debt maturity, and we also identify time factors that are common drivers …This paper studies the evolution of non-financial corporate debt among publicly listed companies in major advanced … their debt to increase their holdings of cash. In our sample of some 5,000 firms, we find substantial differences across …

leverage and lengthened debt maturity in advanced economies, as expected, suggesting that in these countries corporate credit … leverage but shorter debt maturity. Financial sector reforms have reduced leverage, while their effects on debt maturity have … differed depending on the type of reform. Importantly, the differential impact of openness and reforms on the leverage and debt …

This paper distinguishes between debt and equity flows in the presence of information asymmetry between the firm …

Latin American firm-level panel for the 1980s and 1990s, we study how leverage ratios, debt maturity structure, and sources … of financing change when economies are liberalized and when firms access international capital markets. We find that debt …-equity ratios do not increase after financial liberalization. Debt maturity shortens for the average firm when countries undertake …