This article investigates how “systematic” adjustment costs proxied by market imperfections, and macroeconomic conditions affect capital structure dynamics in a cross-country setting. We document substantial variations in firms' capital structure adjustments across countries and,...

This paper empirically investigates how employees benefit from financial development. We use data from the global football market, which contains information on 237,631 football players from 153 countries from 2011 to 2020. Empirical results demonstrate that financial development has improved...

We propose a two-step filtering process using interest coverage ratio and default prediction models to measure the extent of “zombieism” globally: a phenomenon that describes the existence of companies that are insolvent but continue to survive due to unusual market conditions, financial...