Taxes, bankruptcy costs, transactions costs, adverse selection, and agency conflicts have all
been advocated as major explanations for the corporate use of debt financing. These ideas …

This essay surveys the extant literature and adds to the empirical evidence on issuance
activity, flotation costs, and valuation effects of security offerings. We focus primarily on …

This chapter discusses how applied researchers in corporate finance can address
endogeneity concerns. We begin by reviewing the sources of endogeneity—omitted …

We investigate the association between financial constraints and cash savings generated
through tax planning. We predict that an increase in financial constraints leads firms to …

This research exploits Australia's ratification of the Kyoto Protocol, which mandates the
country to reduce carbon emissions, thereby exposing Australian firms to increased carbon …

内容提要: 本文首次从宏观经济的角度, 结合我国资本市场独特的制度环境,
提出若干关于资本结构权衡理论, 最优融资顺序理论和市场择机假说的新假设 …

We study CEOs with a career background in finance. Firms with financial expert CEOs hold
less cash, more debt, and engage in more share repurchases. Financial expert CEOs are …

This paper examines the relative importance of many factors in the capital structure
decisions of publicly traded American firms from 1950 to 2003. The most reliable factors for …

Using staggered corporate income tax changes across US states, we show that taxes have a
first-order effect on capital structure. Firms increase leverage by around 40 basis points for …