capital structure are highlighted through separately observing debt and equity and their relationship to investment …

portion of the cross-sectional variation in firms’ payout and financing decisions and show that the expansive monetary …

capital structure are highlighted through separately observing debt and equity and their relationship to investment … Estate Investment Trust (REIT) ; Real Estate Operating Company (REOC) ; financial flexibility ; cash flow sensitivities …

response to reduced debt capacity. We model how firms' payout and cash holding policies are affected by this shift. Our insight … is that the creation of intangibles is largely achieved by human capital investment and requires lower upfront outlays … dilution. Our empirical evidence confirms that firms with higher intangible investment have lower upfront investment needs …