We examine firms' simultaneous choice of investment, debt financing and liquidity in a large sample of US corporates …, constrained firms with low hedging needs are found to employ more debt to finance their investment opportunities and build up …

response to reduced debt capacity. We model how firms' payout and cash holding policies are affected by this shift. Our insight …

risk map. The purpose of our study is to advocate two additional dimensions that incorporate liquidity and/or debt capacity … companies face the limited ability to self-resist risk outcomes, due to high debt capacity and high liquidity constraints. We … supports the conclusion that the level of liquidity and debt capacity constraints and thus the ability to retain risk outcomes …

This paper addresses the following unresolved questions: Why do some firms issue equity instead of debt? Why did most … financial crisis? We analyze how the values of the firm's equity and debt are affected by ambiguity. We also show that cash …

We analyze the optimal debt structure of multinational corporations choosing between centralized or decentralized …

Regulation and subsequent deregulation significantly affect firms' debt decisions. Prior to deregulation, regulated … firms depend significantly more on long-term and public debt but reduce this dependence considerably during deregulation …. Cross-sectional analysis shows that the reduction in the use of long-term and public debt results from changing firm …

's overinvestment. We posit that when external funds are easily available, as in expansionary monetary periods, debt loses its … disciplinary role of debt might become a false friend when money abounds. …

predictions for debt use and restores the prospect of capital structure irrelevancy despite the existence of corporate taxes. …