Pledgeability, Industry Liquidity, and Financing Cycles
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Why do firms choose high debt when they anticipate high valuations, and underperform subsequently? We propose a theory of financing cycles where the importance of creditors control rights over cash flows (pledgeability) varies with industry liquidity. The market allows firms take on more debt when
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美国国家经济研究局创建时间：
2017-01-01
