Covas, Francisco; Haan, Wouter J. Den - In: American Economic Review 101 (2011) 2, pp. 877-99
Debt and equity issuance are procyclical for most size-sorted firm categories of listed US firms and the procyclicality of equity issuance decreases monotonically with firm size. At the aggregate level, however, the results for equity issuance are not conclusive due to different behavior of the...