This paper develops a calibrated model that explains the pronounced counter-cyclical leverage patterns observed for firms that access public capital markets, and relates these patters to debt and equity issues. Moreover, it explains why leverage and debt issues do not exhibit this pronounced...

This paper develops a calibrated model that explains the pronounced counter-cyclical leverage patterns observed for firms that access public capital markets, and relates these patterns to debt and equity issues. Moreover, it explains why leverage and debt issues do not exhibit this pronounced...

This paper develops a calibrated model that explains the pronounced counter-cyclical leverage patterns observed for firms that access public capital markets, and relates these patters to debt and equity issues.Moreover, it explains why leverage and debt issues do not exhibit this pronounced...