
Do Firms Purposefully Change Capital Structure? Evidence from an Investment-Opportunity Shock to Pharmaceutical Firms
Firms make their capital structure less constraining by decreasing leverage, shortening debt maturity, increasing unsecured…
Firms make their capital structure less constraining by decreasing leverage, shortening debt maturity, increasing unsecured…
The study is the first to document that supply side frictions have a first order…
Firms with risk averse executives are significantly more likely to hedge.