This paper provides an examination of changes in the financing pattern of the Indian corporate sector following financial liberalization. This is based on an analysis of balance sheet information for 227 companies listed on the Mumbai Stock Exchange (BSE) and covers the period from 1990 to 2007....

I find that corporate European leverage variation between 2007 and 2015 is largely driven by firm and industry characteristics. Conventional, time-varying firm characteristics explain as much leverage variation as country and industry fixed effects combined. Cross-sectional leverage disparities...