privately held businesses are dispersed, persistent, and negatively correlated with firm equity. We also show that firms … constraints which play a negligible role due to firms' unwillingness to expand and take on more risk …

allowed firms to retain relatively constant debt equity ratios in the past five years despite strong equity markets. Firms …. It simply is not consistent with the facts. Further research on the form of payments between firms and their shareholders …

rationally. An equilibrium model of the issue-invest decision is developed under these assumptions.The model shows that firms may …

-invariant. All else equal, large firms in emerging markets are more financially vulnerable and also systemically important … large firms are positively and significantly correlated with GDP growth in our emerging markets sample. Relatedly, the … negative impact of exchange rate shocks has a more acute impact on the sales growth of the more highly levered large firms …

, economic uncertainty, and risk premia influence firms' financing and default policies. Countercyclical fluctuations in risk … prices, default probabilities, and default losses arise endogenously through firms' responses to the macroeconomic conditions …. These comovements generate large credit risk premia for investment grade firms, which helps address the "credit spread …

This paper presents a model of the financial structure of private equity firms. In the model, the general partner of …