Ashraf, Dawood; Khawaja, Mohsin; Bhatti, Muhammad Ishaq - In: Financial innovation : FIN 8 (2022), pp. 1-32
This paper investigates how economic policy uncertainty affects firms' frequency and their choice of financial instruments to raise capital. By applying a three-step sequential framework over a sample of 6834 publicly listed US non-financial firms, we find that during periods of high economic...