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The objective of this study is to investigate whether management forecasts characteristics change around key debt financing events to meet expectations of debt holders. Examining a large sample of mandatory management forecasts of quarterly expenditure disclosed by early-stage mining companies,...
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Prior research documents impediments to raising external equity finance faced by early stage and R&D firms. The capital structure literature predicts that these firms prefer to finance their projects with internal funds, with equity used as a last resort. We examine the 2011 changes to the R&D...
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