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 …

After a steady increase following the global financial crisis, private nonfinancial sector leverage rose further during … empirical relationships between increased leverage, financial conditions, and macro-financial stability in a sample of major … advanced and emerging market economies. We find that loose financial conditions contribute to leverage buildups and generate an …

This paper investigates the role of tax incentives towards debt finance in the buildup of leverage in the nonfinancial … corporate (NFC) sector, using a large firm-level dataset. We find that so-called debt bias is a significant driver of leverage … flow, and capital intensity. We conclude that leveling the playing field between debt and equity finance through tax policy …

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 …

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