This study examines the effect of transaction costs and information asymmetry on firms' capital-structure decisions in 40 countries. The findings indicate that transaction costs affect both capital-market timing and capital-structure rebalancing. Past market-timing activity has a significantly...

Home buyers in Germany not only have to pay high down payments for financing their property, but they also have to pay high transaction costs. Besides the transaction tax, also notary fees and the entry in the land register sum up to a considerable amount. The cases of the Netherlands and the...