Bae, Chang Suk; Chung, Hae Jin - In: International Journal of Financial Studies : open … 10 (2022) 3, pp. 1-27
The prevalence of zero-leverage firms is a puzzle in corporate finance. We analyze the acquisition behavior of zero …-leverage firms and offer a new venue to the studies on zero-leverage puzzle and the interdependence of capital structures and … debt market, managerial preference, and financial flexibility. While non-persistent zero-leverage firms show similar …