We reconcile two seemingly contrasting empirical facts, active capital structure rebalancing and slow adjustments towards target leverage, through the lens of a standard dynamic capital structure model. In the model, firms adjust leverage towards a dynamic target, which is firm specific and...

This paper aims to empirically investigate the impact of macroeconomic conditions such as banking sector performance, economic growth, inflation rate, interest rates and market capitalization on the adjustment speed towards dynamic capital structure targets in Pakistan for the period 1999 to...

This paper aims to empirically investigate the impact of macroeconomic conditions such as banking sector performance, economic growth, inflation rate, interest rates and market capitalization on the adjustment speed towards dynamic capital structure targets in Pakistan for the period 1999 to...

The present work analyzes the interaction between antitrust policy and intellectual property protection, with particular reference to the cases of refusal to supply, when it concerns ideas or inventions protected by an IP right. For this purpose, the paper preliminarily discusses the governing...

This paper proposes and analyses two types of asymmetric multivariate stochastic volatility (SV) models, namely: (i) SV with leverage (SV-L) model, which is based on the negative correlation between the innovations in the returns and volatility; and (ii) SV with leverage and size effect (SV-LSE)...