Portes, Luis San Vicente; Ozenbas, Deniz - In: Topics in Macroeconomics 9 (2009) 1, pp. 1622-1622
Since the mid-1980s firm level financial volatility has increased, while the U.S. economy has experienced a sharp decline in the volatility of GDP growth. Do firms adjust their capital structure in response to higher idiosyncratic risk? And if so, could that affect the performance of the...