This article reviews empirical capital structure research, concentrating on papers published
since 2005. We begin by documenting three dimensions of capital structure variation: cross …

The topic of corporate distress and turnaround has been of interest to organizational change
theory for many decades. This article considers existing reviews in discussing the current …

This paper uses surveys to document CFO perspectives on corporate planning, investment,
capital structure, payout, and shareholder versus stakeholder focus. Comparing policy …

We study contract design and coordination of a supply chain with one supplier and one
retailer, both of which are capital constrained and in need of short-term financing for their …

ABSTRACT I build a dynamic capital structure model that demonstrates how business cycle
variation in expected growth rates, economic uncertainty, and risk premia influences firms' …

We find a significant positive relation between changes in policy uncertainty and changes in
credit spreads. Macroeconomic conditions, including general uncertainty, do not explain this …

The sample of observed defaults significantly understates the average firm׳ s true expected
cost of default due to a sample selection bias. I use a dynamic capital structure model to …

We use an important legal event to examine the effect of managerial fiduciary duties on
equity-debt conflicts. A 1991 legal ruling changed corporate directors' fiduciary duties in …

In the wake of the COVID-19 pandemic, the financial and legal system will need to deal with
a surge of financial distress in the business sector. Some firms will be able to survive, while …

This article proposes a novel method of extracting the cost of default from the change in the
market value of a firm's assets upon default. Using a large sample of firms with observed …