Macroeconomic Conditions and the Puzzles of Credit Spreads and Capital Structure
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I build a dynamic capital structure model that demonstrates how business-cycle variations in expected growth rates, economic uncertainty, and risk premia influence firms' financing and default policies. Countercyclical fluctuations in risk prices, default probabilities, and default losses arise
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美国国家经济研究局创建时间：
2010-07-01
