with an increase in short-term debt financing. Quantile regressions suggest that there is substantial heterogeneity among … firms on how they react to macro-financial conditions: large increases in long-term debt financing and large declines in … short-term debt financing tend to be driven more by better macroeconomic performance, while large increases in short …

This paper studies the relation between firm''s financing choices and financial globalization. Using an East Asian and … of financing change when economies are liberalized and when firms access international capital markets. We find that debt …