jointhypothesis test - whether firms adjust toward target leverage, andwhether the proxy used for target leverage is the true … targetleverage. Prior studies use the time-series mean leverage for eachfirm, the industry median leverage, an estimated cross …-sectionalleverage, and a tobit estimated leverage using the factorssuggested by the static trade-off theory as proxies for the targetleverage …

results. Study carried out by two of three set in the hypotheses. First, the amount of leverage and maturity there is a …

(leverage) and the term of the debt contract (debt maturity). However, little is known about the theoretical interdependence … between leverage and debt maturity. Furthermore, leverage and debt maturity are treated independently in most empirical … between leverage and debt maturity in both the Australia and the US capital markets. Our theoretical model, which builds upon …