We document the cyclical behavior of debt, equity, and retained earnings for different firm categories using firm …-level Canadian data. There is evidence of both procyclical equity and debt issuance for all firm categories but the timing differs …, some substitution between debt and equity takes place. After the expansion has reached its peak, equity issuance starts to …

persistent negative productivity shock signals low future income and prompts firms to hold more cash in order to preserve …, which compete for resources with cash, while large firms have more pledgeable assets and demand less cash. We find that, on … average, firms accumulate cash by cutting investment and employment in recessions, which reduces aggregate output and …

’s return, volatility, and leverage, Canadian firms still have a higher propensity to get delisted than other foreign cross …

stock liquidity are negatively related to cost of equity, while greater firm financial leverage and greater dispersion in …

corporate firms, we compare financing relationships for private and public firms. Leverage ratios are lower for public firms and … the difference is almost entirely driven by private firms' stronger reliance on short-term debt. We also find that private … and public firms' debt financing responds differently to industry shocks. In periods of positive industry shocks, private …

Recent studies find that cash remains a dominant payment choice for small-value transactions despite the prevalence of … prefer using cash or merchants restrict card usage. Using the Bank of Canada's 2009 Method of Payment Survey, we estimate a … card acceptance among merchants, we find that some consumers would decrease their cash usage but the magnitude of this …