Past literature has documented clear trends in the leverage ratio and other capital structure
choices made by US firms. We expand this line of research by showing that aggregate …

This study builds a theoretical model, empirically testing the impact of timeliness value of
technological innovation on initial public offering (IPO) timing and underpricing based on …

This paper investigates the impact of investment characteristics on the financing choice. We
investigate instances of seasoned equity, bank debt, straight non-bank debt, and convertible …

A combination contract of investment and guarantee (IGC) is a financial innovation
developed to overcome the financing constraints of small and medium-sized enterprises …

The renewable energy transition depends heavily on capital structure decisions of energy
firms. Most previous research has focused on the decisions of oil companies. This study …

We construct a model to illustrate the dynamics of cash-flow volatility (CFV) and firm
valuation. As a firm progressively invests in its growth opportunities, its book value increases …

We model the relationship between operating and financial leverage. When operating
leverage is exogenously specified, financial leverage is a monotonically decreasing function …

Most capital projects have an implementation lag. We examine the effect of implementation
lag on a levered firm's investment decision. The main finding is that implementation lag can …

This paper develops a continuous‐time model of a firm's sequential investments. The firm
has an option to expand revenue after the initial investment. However, the timing of …

We show that when large corporations are subject to a different tax system than smaller
firms, the agency cost of under‐and overinvestment is significantly altered. In contrast to the …