We characterize the relation between asset structure and capital structure by exploiting variation in the salability of … and Realignment Act of 1990. Consistent with a credit supply-side view of capital structure, we find that asset … in the economy. Our work contributes new evidence to capital structure models that are based on contract incompleteness …

. We characterize a class of environments in which the tax on labor goes to zero in the long run, while the tax on capital …

interest rates, regulation of cross-border capital movements, and (generally) a tighter connection between government and banks …

Across a broad range of equipment types and industries, we document a pattern of local capital reallocation from older … firms to younger firms. Start-ups purchase a disproportionate share of old physical capital previously owned by more mature … firms. The evidence is consistent with financial constraints driving differential demand for vintage capital. The local …

reduces owners' capital investment - we find that granting formal control rights to workers raises capital formation. The … capital stock, the capital-labor ratio, and the capital share all increase. Shared governance does not raise wage premia or … relations whereby shared governance raises capital by permitting workers to bargain over investment or by institutionalizing …

Neoclassical investment models predict that firms should make frequent, small adjustments to their capital stocks …. Microeconomic evidence, however, shows just the opposite -- firms make infrequent, large adjustments to their capital stocks. In … capital holdings across firms, making the models extremely difficult to analyze. This paper shows that, for sufficiently long …

specific training, the technological specificity of human capital grows and, with it, probably the firm specificity of that … capital. We build a simple model that captures this observation. The model implies that a rising specialization of human and … physical capital raises the rents in the average match between a firm and its human and physical capital. We document that in …