We document the effect on leverage of a company's working-capital. Working-capital significantly affects a firm's credit ratings and security issuances, as well as influencing its leverage. Payables crowd out debt. Higher receivables and inventories are associated with higher leverage,...

We study the impact of threats to human capital on the determination of corporate financial policy. We exploit variations in health conditions using morbidity and mortality by infectious diseases and document the relationship between employee well-being and firm financing decisions....