We investigate asymmetries in the relationship between the cross-sectional mean (aggregate) rate of inflation and the second and third central moments of the cross-sectional distribution of relative prices by means of a modified Calvo pricing model with regime-dependent price rigidities. We...

We employ dynamic threshold partial adjustment models to study the asymmetries in firms' adjustments toward their target leverage. Using a sample of US firms over the period 2002-2012, we document a negative impact of the Global Financial Crisis on the speed of leverage adjustment. In our...

We develop a dynamic panel threshold model of capital structure to test the dynamic trade-off theory, allowing for asymmetries in firms' adjustments toward target leverage. Our novel estimation approach is able to consistently estimate heterogeneous speeds of adjustment in different regimes as...