Massa, Massimo; Yasuda, Ayako; Zhang, Lei - In: Journal of Financial Economics 110 (2013) 1, pp. 185-214
We examine the effect of the bond capital supply uncertainty of institutional investors (e.g., mutual bond funds and insurance companies) on the leverage of the firm using a novel data set. Our main finding is that the supply uncertainty of the firm's bond investor base — measured as (i) the...