Chen, Minjia; Li, Suyang; Li, Xiafei; Matousek, Roman - 2023
Motivated by R&D’s features and its coexistence with the increasing trend of the zero-leverage puzzle over the past four decades, we find that, between 1980 and 2017, zero-leverage US listed firms are concentrated among R&D firms. Increases in R&D investment and increases in the sensitivity to...