reducing the need to use leverage as a tool to discipline managers. The results are robust to different proxies for national … governance quality, corporate governance quality, and firm leverage. …

2000-2010, the paper offers two key findings. First, firms with higher stock market liquidity tend to have lower leverage … stock market liquidity and leverage. These results are robust to different liquidity measurement and subsamples. …

We estimate firms' cash flow sensitivity of cash to empirically test how the financial system's structure and activity … and its level of development, should influence the cash flow sensitivity of cash of constrained firms but leave …

We estimate firms' cash flow sensitivity of cash to empirically test how the financial system's structure and activity … and its level of development, should influence the cash flow sensitivity of cash of constrained firms but leave … systems provide constrained firms with easier access to external financing. -- Financial constraints ; financial system ; cash …

-structure rebalancing. Past market-timing activity has a significantly negative impact on the current debt ratio, and this impact is …

This study examines cash savings from net equity issues, net debt issues and internally generated cash flows. We … flows and higher from net equity and net debt issues. For higher levels of cash flows, savings rates from cash flows … observe that savings rates depend on the level of cash flows. For negative cash flows, savings rates are very low from cash …