The Joint Determination of Leverage and Maturity

@article{Barclay2001TheJD,
  title={The Joint Determination of Leverage and Maturity},
  author={Michael J. Barclay and L. Marx and Clifford W. Smith},
  journal={SPGMI: Compustat Fundamentals (Topic)},
  year={2001}
}
We examine theories of leverage and debt maturity, focusing on the impact of a firm's investment opportunity set and regulatory environment in determining these policies. Using results on strategic complementarities, we identify sufficient conditions for the theory to have testable implications for reduced-form and structural-equation regression coefficients. Obtaining testable implications for structural-equation regression coefficients requires less from the theory but more from the data than… Expand
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