-level uncertainty is characterized by a pecking order: the announcement of a domestic takeover leads to a reduction in the uncertainty …

identify the effect of business risk on capital structure. We find that post-merger changes in leverage and cash holdings are … strongly predicted by expected asset volatility changes estimated using pre-merger information. These capital structure … effect of mergers on debt capacity. More broadly, they suggest that firm risk is a first-order determinant of leverage …

Additionally to the financial crisis causing a world recession, Liechtenstein's financial sector has been challenged by …