This paper addresses the following unresolved questions: Why do some firms issue equity instead of debt? Why did most firms retain their cash holdings instead of distributing them as dividends in recent times? How do firms change their financing policies during a period of severe financial...

I examine the role of sell-side debt analyst reports in the corporate bond market for financially distressed firms. Debt analysts are not subject to the same conflict-of-interest regulations as equity analysts, and for this reason it is an open question whether the primary function of debt...

This book comprises 19 papers published in the Special Issue entitled "Corporate Finance", focused on capital structure (Kedzior et al., 2020; Ntoung et al., 2020; Vintilă etal., 2019), dividend policy (Dragotă and Delcea, 2019; Pinto and Rastogi, 2019) and open-market share repurchase announcements (Ding...

Intuition suggests that firms with higher cash holdings are safer and should have lower credit spreads. Yet empirically, the correlation between cash and spreads is robustly positive and higher for lower credit ratings. This puzzling finding can be explained by the precautionary motive for...

The impact of economic distress on the financialstructure decisions of an industry has been under-investigated in the businessliterature.This research investigates the impact of the Portugueserecession of the early and mid 1990s on the financial structure decisions ofbusinesses within the...