The Earnings Expectations Game and the Dispersion Anomaly
In: Management Science, Forthcoming
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In: Management Science, Forthcoming
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In: Journal of Corporate Finance, Band 62
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In: International Review of Finance, Band 20, Heft 1, S. 77-131
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In: Proceedings of the EUROFIDAI-ESSEC Paris December Finance Meeting 2022
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In: The journal of financial research: the journal of the Southern Finance Association and the Southwestern Finance Association, Band 35, Heft 2, S. 243-259
ISSN: 1475-6803
AbstractThe average U.S. firm has less leverage than one would expect based on the trade‐off between tax shields and bankruptcy costs. We focus on firms' financial flexibility and examine whether firms preserve debt capacity to reduce investment distortions in the future. We find that firms with high unused debt capacity invest more in future years than do firms with low unused debt capacity. Furthermore, firms that are reluctant to borrow in unconstrained periods are more likely to issue debt in periods in which access to capital markets is more constrained.
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