financing activities: equity and debt issuance under a financing deficit, and equity repurchases and debt redemptions under a … financing surplus. We find that firms generally follow the pecking order when issuing or redeeming debt but deviate from it when … evidence of how financing choices, along with issuance and repurchase magnitudes, shape pecking order behavior among dividend …

To what extent can private firms' external equity substitute for debt financing in a banking crisis? To answer this … findings highlight the importance of multiple sources of financing that can serve as backup facilities when the primary source … overlook the role of equity financing. …