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Are Firms Underleveraged? An Examination of the Effect of Leverage on Default Probabilities
A commonly held view in corporate finance is that firms are less leveraged than they should be, given the potentially large tax benefits of debt. In this paper, I study the effect of firms' leverageExpand
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Trade Receivables Policy of Distressed Firms and Its Effect on the Costs of Financial Distress
This paper studies the trade receivables policy of distressed firms as the trade-off between the firm’s willingness to gain sales and the firm’s need for cash. We find that firms increase tradeExpand
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An Empirical Analysis of the Effect of Financial Distress on Trade Credit
This paper studies the use of supplier's trade credit by firms in financial distress. Trade credit represents a large portion of firms’ short-term financing and plays an important role in financialExpand
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Intra-Industry Capital Structure Dispersion
Why do firms in some industries exhibit very similar debt ratios, while firms in other industries do not? This paper examines the dispersion in leverage ratios among firms within an industry, andExpand
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Predicting bank failures using a hazard model: the Venezuelan banking crisis
Abstract This paper uses a proportional-hazard model with time-varying covariates to determine the financial indicators that could have predicted the bank failures during the 1994–1995 VenezuelanExpand
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Outcome in patients with basilar artery occlusion treated conventionally
Background: Most data on the outcome of basilar artery occlusion are from recent case series of patients treated with intra-arterial thrombolysis. The limited knowledge on the outcome after aExpand
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Are Automation and Trade Polarizing Developing Country Labor Markets, Too?
The automation and out-sourcing of routine, codifiable tasks are seen as driving polarization in labor markets in high-income countries. This paper first offers several explanations for whyExpand
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Trade Receivables Policy of Distressed Firms and Its Effect on the Costs of Financial Distress
"This paper studies the trade receivables policy of distressed firms as the trade-off between the firm's willingness to gain sales and the firm's need for cash. We find that firms increase tradeExpand
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Two essays in empirical capital structure
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Observed Cost and Variations in Short Term Cost‐Effectiveness of Therapy for Ischemic Stroke in Interventional Management of Stroke (IMS) III
Background Examination of linked data on patient outcomes and cost of care may help identify areas where stroke care can be improved. We report on the association between variations in strokeExpand
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