This paper investigates the optimal sequencing of debt issues. Our theoretical model suggests that once firms issue debt with one level of seniority, they may have an incentive to alternate seniorities, because of priced absolute priority rule (APR) violations. When we introduce explicit costs...

"The Right Place explains why firms succeed in one country and fail in another, irrespective of their inner drivers, and suggest potential initiatives that governments can take to help the private sector create jobs and, consequently, make their countries more prosperous. The competitiveness...

Using data from 17 countries that have suffered a currency crisis, this paper studies firm-level leverage and performance measures before and after a crisis has occurred. We show that in the years preceding a currency crisis, companies that are expected to benefit from currency depreciations...