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What is the effect of funding costs on the conditional probability of issuing a corporate bond? We study this question in a novel dataset covering 5610 issuances by US firms over the period from 1990 to 2014. Identification of this effect is complicated because of unobserved, common shocks such...
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study employed two step system Generalized method of moment in a dynamic panel framework. The main finding of the study …
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The purpose of this paper is to investigate the stochastic behavior of corporate debt ratios utilizing a balanced panel … of 2,556 publicly traded US firms during the period 1997 - 2010. We partition the panel into ten economic sectors and … perform panel unit root tests on each sector employing book value and market value measures of debt ratio. First …
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