Firms that intentionally increase leverage through substantial debt issuances do so primarily as a response to operating needs rather than a desire to make a large equity payout. Subsequent debt reductions are neither rapid, nor the result of pro-active attempts to rebalance the firm's capital...

Negative net cash flows have become substantially more pervasive, persistent, and greater in magnitude within US publicly-traded companies since 1971. Companies with negative cash flows, particularly those that also have high intangible capital, account for most of the rise in average cash...

Intermediation in private equity involves illiquid investments, professional investors, and high information asymmetry. We use this unique setting to empirically evaluate theoretical predictions regarding intermediation. Placement agent usage has become nearly ubiquitous, but agents are...