External finance is considered to devide into equity and debt finance. The criteria established to distinguish the two …

itself mainly in gradual increase in debt ratios with a dominant role of short-term debt, along with the decrease in the …

Systemically important banks are subject to at least two departures from the neutrality of debt versus equity financing … underlying mechanisms differ. The tax shield incentivises debt financing as it reduces tax payments to the government. The … implicit funding subsidy incentivises debt financing as it lowers private bankruptcy costs. This funding subsidy is passed on …

predictions for debt use and restores the prospect of capital structure irrelevancy despite the existence of corporate taxes. …

or employment. Using U.S. firm level data, we document systematic patterns of cash and debt financing around lumpy … productivity are leading indicators of the lumpy adjustment. Cash and debt capacity are actively manipulated, and contribute … debt. During and after contractions, firms rebuild cash and reduce debt growth significantly in a concerted effort to …

tax benefit of debt (net and gross of investor taxes) and the debt ratio. A 10% increase in the net (gross) marginal tax … benefit of debt causes a 1.5% (1.6%) increase in the debt ratio, ceteris paribus. The results are robust to various … specifications like using changes in debt or debt to capital ratios. A significantly positive effect of taxes on the debt ratio can …

currency depreciations. The increase in investments has been financed mainly via debt issues. The evidence provided here …

itself mainly in gradual increase in debt ratios with a dominant role of short-term debt, along with the decrease in the …