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risk on firms' debt versus equity choices. Design/methodolgy/approach - The paper uses a firm-level panel data covering the …. Findings – The results suggest that firms considerably take into account both firm-specific and economic risk when making … that firms are more (less) likely to do external financing when firm-specific (macroeconomic) risk is high. The results of …
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This paper develops a structural equilibrium model with intertemporal macroeconomic risk, incorporating the fact that …
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