things, the theory predicts that the difference in leverage between a debt-friendly bankruptcy code (such as the UK’s) and a … find the theory is strongly backed by the data. The results are robust to considerations such as employing net leverage … (debt net of cash holdings) and controlling for other firm characteristics that affect leverage. …

higher leverage if they are privately-controlled and if they are regulated by an independent regulatory agency. Moreover, we … find that the leverage of these firms has a positive and significant effect on their regulated prices, but not vice versa … privately-controlled firms use leverage strategically to shield themselves against regulatory opportunism. …

political risk. We focus on two choice variables, the leverage and the ownership structure of the foreign affiliate, and we … analysis we find that, as political risk increases, the ownership share always decreases, whereas leverage can both increase or …

Miller-Modigliani leverage policies. …

leveraged recapitalizations and asset sales by the target management are all counter-forces to high bidder leverage, thereby …

An iconic model with high leverage and overvalued collateral assets is used to illustrate the amplification mechanism …

establishment-level data, we show that firms that tightened their debt capacity in the run-up (“high-leverage firms”) exhibit a … significantly larger decline in employment in response to household demand shocks than firms that freed up debt capacity (“low-leverage … among establishments of high-leverage firms. At the county level, we find that counties with a larger fraction of …