We develop a tractable general equilibrium model that captures the interplay between
nominal long-term corporate debt, inflation, and real aggregates. We show that …

We document several facts about corporate debt maturity:(1) debt maturity is pro-cyclical,(2)
higher-beta firms tend to have longer maturity, and (3) shorter maturity amplifies the …

ABSTRACT A standard assumption of structural models of default is that firms' assets evolve
exogenously. In this paper, we examine the importance of accounting for investment options …

Abstract Financial Reporting for Financial Instruments provides an integrated examination of
the four most active areas of empirical accounting research on financial reporting for …

We build a model of investment and financing decisions to study the choice between bonds
and bank loans in a firm's marginal financing decision and its effects on corporate …

This paper extends the DeMazro and He (2019) model of capital structure dynamics by
introducing macroeconomic conditions. Our goal is to analyze how business cycle risks …

Purpose This study investigates the association between debt overhang and carbon
emissions (both direct and indirect emissions) using a sample of US publicly listed firms …

Using a dynamic model of financing, investment, and macroeconomic risk, we investigate
when firms sell assets to fund investments (financing asset sales) across the business cycle …

Two new credit guarantee contracts, called option-for-guarantee swaps (OGSs) and equity-
for-guarantee swaps (EGSs), have become the important financial innovations/instruments …

We construct firm-level indexes for agency conflicts between controlling shareholders and
outside investors by estimating a dynamic model of financing decisions. Our estimates for …