We use a new international setting to test and strengthen the identification of “target leverage hypothesis” in the … economies and analyze its influences on leverage dynamics. Under-leveraged firms before legalization are more likely to buy back … facilitate firms’ movement towards target leverage, especially for under-leveraged firms. This facilitating effect is stronger …

the relationship between state ownership and corporate leverage. Controlling for country-sector-year fixed effects and … conventional firm-level determinants of leverage, we show that state ownership is robustly and negatively related to corporate … leverage. This relationship holds across most of the firm-size distribution – with the important exception of the largest …

the relationship between state ownership and corporate leverage. Controlling for country-sector-year fixed effects and … conventional firm-level determinants of leverage, we show that state ownership is robustly and negatively related to corporate … leverage. This relationship holds across most of the firm-size distribution, with the important exception of the largest …

earnings; have more short term debt in relation with retained earnings; have more long term debt compared with short term debt …; and have more external equity than long term debt. The results also provide some evidence that a more gender diversified …

Using the staggered introduction of fast-track debt recovery courts in India, we estimate the causal effect of a … reduction in debt contract enforcement costs on financing and asset maturity. A reduction in enforcement costs is associated … with an increase in long-term debt and a decrease in short-term debt and trade-credit. The increase in debt maturity is …

distressed or enter bankruptcy as this affects their electoral prospects. Firms are therefore able to use debt to limit the … decreases, firms optimally decrease their debt levels. Using U.S. data, I show that large firms lower their debt levels on the …

incorporates not only the percentage of debt more senior to the debt instrument, but also debt at the same rank, is the most … types. This finding suggests that, instead of merely focusing on debt seniority and collateral types at issuance, investors …, banks, and rating agencies need to incorporate firms' dynamic debt structure to obtain accurate recovery rate estimation …

.e. leverage limitations, market discount on NAV, tax controls) affecting non-US REITS. Italian market data are used for the … hypothesis is that the two valuation methodologies perceive leverage and implied financial risk differently. In particular, we … argue that NAV valuation techniques incentivise REITs to maximize leverage regardless of financial theory indicating a …

flexibility and volatility of earnings when issuing debt, and they are concerned about target debt ratio maintenance and recent … differences in corporate tax rates between foreign and domestic markets, and the risk of refinancing in bad times. Chaebol firms … are less likely to issue debt when faced with insufficient internal funds, which indicates that active internal capital …

normative view that banks should maintain high leverage over time …