Empirical Corporate Finance References

Professor Michael R. Roberts INVESTMENT POLICY S r!e"s 1. !. Hubbard, R. Glenn, 1999, Capital Market Imperfections and Investment, Journal of Economic Literature 36, 193 !!". #tein, $erem%, !&&3, '(enc%, Information and Corporate Investment, Handbook of the Economics of Finance , )olume 1', *ds. Geor(e M. Constantinides, Milton Harris, and Rene M. #tul+, *lsevier, 'msterdam.

Macroeconomic Con#itions an# In!estment Financial Accelerator 3. 3. ". ,ernanke, ,en, and Mark Gertler, 19-9, '(enc% Costs, .et /ort0, and ,usiness 1uctuations, American Economic Review 29, 13431. ,ernanke, ,en, and Carla 5o6n, 1991, 70e Credit Crunc0, Brookings Papers on Economic Activit , !&38!39. 9as0%ap, 'nil 9., :6en '. 5amont and $erem% C. #tein, 1993, Credit Conditions and t0e C%clical ,e0avior of Inventories, !uarterl Journal of Economics 1&9, "6"4"9!. ,ernanke, ,en, and Mark Gertler, 199", Inside t0e ,lack ,o;< t0e Credit C0annel of Monetar% =olic% 7ransmission, Journal of Economic Perspectives 9, !243-. Cecc0etti, #.G., 199", >istin(uis0in( 70eories of t0e Monetar% 7ransmission Mec0anism, Federal Reserve Bank of "t# Louis Review 22, -3492. =eek, $., and *. Rosen(ren, 199", 70e Capital Crunc0< .eit0er a ,orro6er .or a 5ender ,e, Journal of $one % &redit and Banking !2, 6!"463-. ,ernanke, ,en, Mark Gertler and #imon Gilc0rist, 1996, 70e 1inancial 'ccelerator and t0e 1i(0t to ?ualit%, Review of Economic "tudies 2-, 141".

6.

2. -. 9.

1&. 9i%otaki, .., and $o0n Moore, 1992, Credit C%cles, Journal of Political Econom 1&", !114!3-.

11. =eek, $., and *. Rosen(ren, 1992, 70e International 7ransmission of 1nancial #0ocks< 70e Case of $apan, American Economic Review -2, 39"4"&". 1!. ,ernanke, ,., M. Gertler and #. Gilc0rist @1999A, B70e 1inancial 'ccelerator in a ?uantitative ,usiness C%cle 1rame6orkC, in< $.,. 7a%lor and M. /oodford, eds., Handbook of Macroeconomics, )ol. 1C @*lsevier, 'msterdamA. Bank Lending &hannel 13. ,ernanke, ,en, and 'lan ,linder, 19--, Credit, Mone%, and '((re(ate >emand, American Economic Review 2-, 33"4339. 13. ,ernanke, ,en, and 'lan ,linder, 199!, 70e 1ederal 1unds Rate and t0e C0annels of Monetar% 7ransmission, American Economic Review -!, 9&149!1. 1". 9as0%ap, 'nil, $erem% C. #tein and >avid /ilco;, 1993, Monetar% =olic% and Credit Conditions< *vidence from t0e Composition of *;ternal 1inance, American Economic Review -3, 2-49-. 16. 9as0%ap, 'nil, and $erem% C. #tein, 1993, Monetar% =olic% and ,ank 5endin(, in< ..G. Manki6, ed., $onetar Polic 'Dniversit% of C0ica(o =ress, C0ica(oA. 12. Hubbard, R.Glenn, 199", Is t0ere a ECredit C0annelF for Monetar% =olic%G Federal Reserve Bank of "t# Louis Review 22, 63422. 1-. 9as0%ap, 'nil, and $erem% C. #tein, 199", 70e Impact of Monetar% =olic% on ,ank ,alance #0eets, Carne(ie Roc0ester Conference #eries on =ublic =olic% 3!<1"1419". 19. 5udvi(son, #idne%, 199-, 70e C0annel of Monetar% 7ransmission to >emand< *vidence from t0e Market for 'utomobile Credit, Journal of $one % &redit and Banking 3&, 36"43-3. !&. Mor(an, >., 199-, 70e Credit *ffects of Monetar% =olic%< *vidence usin( 5oan Commitments, Journal of $one % &redit and Banking 3&, 1&!411-. !1. #tein, $erem% C., 199-, 'n 'dverse #election Model of ,ank 'sset and 5iabilit% Mana(ement 6it0 Implications for t0e 7ransmission of Monetar% =olic%, RA() Journal of Economics !9, 36643-6. !!. 9as0%ap, 'nil, and $erem% C. #tein, !&&&, /0at do a Million :bservations on ,anks #a% 'bout t0e 7ransmission of Monetar% =olic%G American Economic Review 9&, 3&243!-.

!3. 9is0an, R., and 7. :piela, !&&&, ,ank #i+e, ,ank Capital, and t0e ,ank 5endin( C0annel, Journal of $one % &redit and Banking 3!, 1!14131. The Stoc$ Mar$et an# In!estment !3. ,arro, Robert $., 199&, 70e #tock Market and InvestmentC, Review of Financial #tudies 3, 11"4131. !". Morck, Randal, 'ndrei #0leifer, and Robert )is0n%, 199&, 70e #tock Market and Investment< Is t0e Market a #ides0o6G Brookings Papers on Economic Activit , 1"28!1". !6. ,lanc0ard, :livier $., C. R0ee and 5a6rence H. #ummers, 1993, 70e #tock Market, =roHt and Investment, !uarterl Journal of Economics 1&-, 11"4136. !2. ,aker, Malcolm, $erem% C. #tein, and $effre% /ur(ler, !&&3, /0en >oes t0e Market MatterG #tock =rices and t0e Investment of *Iuit% >ependent 1irms, !uarterl Journal of Economics !-. C0en, ?i, Ita% Goldstein, and /ei $ian(, !&&2, =rice informativeness and investment sensitivit% to stock prices, Review of Financial "tudies !&, 619 6"&. The %i!ersification %isco nt !9. ,er(er, =., and *li :fek, 199", >iversiHcationFs *ffect on 1rm )alue, Journal of Financial Economics 32, 3946". 3&. ,er(er, =., and *li :fek, 1996, ,ust up 7akeovers of )alue >estro%in( >iversiHed 1rms, Journal of Finance "1, 112"41!&&. 31. Gra0am, $o0n R., Mic0ael 5. 5emmon, and $ack /olf, !&&!, >oes corporate diversification destro% valueG Journal of Finance "2, 69" 2!&. 3!. #c0oar, 'ntoinette, !&&!, 70e effects of corporate diversification on productivit%, Journal of Finance "2, !329 !3&3. 33. )illalon(a, ,elen, !&&3, >iversification discount or premiumG .e6 *vidence from ,I7# establis0ment level data, Journal of Finance "9, 329 "&6. Financial Slac$ an# In!estment Historical Evidence 33. Me%er, $.R., and *. 9u0, 19"2, *he +nvestment )ecision, Harvard Dniversit% =ress, Cambrid(e, M'. +nternal Funds and +nvestment

3". 1a++ari, #teven M., R. Glenn Hubbard and ,ruce C. =etersen, 19--, 1inancin( Constraints and Corporate Investment, Brookings Papers on Economic Activit , 131819". 36. Hos0i, 7akeo, 'nil 9as0%ap and >avid #c0arfstein, 1991, Corporate #tructure, 5iIuidit%, and Investment< *vidence from $apanese Industrial Groups, !uarterl Journal of Economics 1&6, 3346&. 32. Hall, ,ro6n6%n H., 199!, Investment and Researc0 and >evelopment at t0e 1rm 5evel< >oes t0e #ource of 1undin( MatterG .,*R /orkin( =aper 3&96 @.,*R, Cambrid(e, M'A. 3-. #c0aller, H., 1993, 's%mmetric Information, 5iIuidit% Constraints and Canadian Investment, &anadian Journal of Economics !6, ""!4"23. 39. ,lanc0ard, :livier $., 1rancisco 5ope+ de #ilanes and 'ndrei #0leifer, 1993, B/0at >o 1rms >o /it0 Cas0 /indfallsG, Journal of Financial Economics 36, 332436&. 3&. Carpenter, R.*., #tep0en M. 1a++ari and ,ruce C. =etersen, 1993, Inventor% Investment, Internal 1nance 1luctuations, and t0e ,usiness C%cle, Brookings Papers on Economic Activit , 2"81!!. 31. Himmelber(, C0arles =., and ,ruce =etersen, 1993, RJ> and Internal 1nance< ' =anel #tud% of #mall 1irms in Hi(0 7ec0 IndustriesC, Review of Economics and "tatistics 26, 3-4"1. 3!. Holt+ *akin, >., >. $oulfaian and H.#. Rosen, 1993, #tickin( it :ut< *ntrepreneurial #urvival and 5iIuidit% Constraints, Journal of Political Econom 1&!, "342". 33. Calomiris, C0arles /., and R. Glenn Hubbard, 199", Internal 1inance and Investment< *vidence from t0e Dndistributed =roHts 7a; of 1936832, Journal of Business 6-, 33343-!. 33. Hubbard, R. Glenn, 'nil 9. 9as0%ap and 7oni M. /0ited, 199", Internal 1nance and 1irm Investment, Journal of $one % &redit% and Banking !2, 6-342&1. 3". C0irinko, Robert #., 199", /0% >oes 5iIuidit% Matter in Investment *IuationsG, Journal of $one % &redit% and Banking !2, "!24"3-. 36. Gilc0rist, #imon, and C0arles =. Himmelber(, 199", *vidence on t0e Role of Cas0 1lo6 for Investment, Journal of $onetar Economics 36, "314"2!.

32. 9aplan, #tep0en .. and 5ui(i Kin(ales, 1992, >o Investment Cas0 1lo6 #ensitivities =rovide Dseful Measures of 1inancin( ConstraintsG !uarterl Journal of Economics 11!, 1"94!16. 3-. 1a++ari, #teven M., R. Glenn Hubbard, and ,ruce C. =etersen, !&&&, Investment Cas0 1lo6 #ensitivities are Dseful< ' Comment on 9aplan and Kin(ales, !uarterl Journal of Economics 11", 69" 2&". 39. 9aplan, #teven .., and 5ui(i Kin(ales, !&&&, Investment Cas0 1o6 #ensitivities are not )alid Measures of 1nancin( Constraints, !uarterl Journal of Economics 11", 2&2421!. "&. *rickson, 7imot0%, and 7oni /0ited, !&&&, Measurement *rror and t0e Relations0ip ,et6een Investment and ,, Journal of Political Econom 1&-, 1&!241&"2. "1. Rau0, $os0ua, !&&6, Investment and 1inancin( Constraints< *vidence from t0e 1undin( of Corporate =ension =lans, Journal of Finance 61, 33 2!. )ebt '(et -orth. and +nvestment "!. Mooradian, Robert, 1993, 70e *ffect of ,ankruptc% =rotection on Investment< C0apter 11 as a #creenin( >evice, Journal of Finance 39, 13&3 133&. "3. ,ond, #tep0en, and C. Me(0ir, 1993, >%namic Investment Models and t0e 1irmFs 1inancial =olic%C, Review of Economic "tudies 61, 1924!!!. "3. 5an(, 5arr% H.=., *li :fek, and Rene #tul+, 1996, 5evera(e, Investment, and 1irm Gro6t0, Journal of Financial Economics 3&, 343&. "". 1root, 9ennet0, and =. :FConnell, 1992, :n t0e =ricin( of Intermediated Risks< 70eor% and 'pplication to Catastrop0e ReinsuranceC, .,*R /orkin( =aper 6&11 @.,*R, Cambrid(e, M'A. "6. Henness%, C0ristop0er, !&&3, 7obinFs ?, >ebt :ver0and, and Investment, Journal of Finance "2. C0ava, #ud0eer, and Roberts, Mic0ael R., !&&2, Ho6 >oes 1inancin( Impact InvestmentG 70e Role of >ebt Covenants, fort0comin(, Journal of Finance. "-. Rau0, $os0ua, !&&2, 70e *ffects of 1inancial Condition on Capital Investment and 1inancin(< *vidence from )ariation in =ension 1und 'sset =erformance, /orkin( =aper, Dniversit% of C0ica(o. Sec rit" Price Reactions to In!estment

"9. McConnell, $.$., and C.$. Muscarella, 19-", Corporate Capital *;penditure >ecisions and t0e Market )alue of t0e 1irm, Journal of Financial Economics 13, 39943!!. Mer&ers an# 'c( isitions 6&. 5e6ellen, /.G., C. 5oderer and '. Rosenfeld, 19-", Mer(er >ecisions and *;ecutive #tock :6ners0ip in 'cIuirin( 1irms, Journal of Accounting and Economics 2, !&94!31. 61. Roll, Ric0ard, 19-6, 70e Hubris H%pot0esis of Corporate 7akeoversC, Journal of Business "9, 1924!16. 6!. Morck, Randall, 'ndrei #0leifer and Robert )is0n%, 199&, >o Mana(erial :bLectives >rive ,ad 'cIuisitionsC, Journal of Finance 3", 3143-. 63. 5an(, 5arr% H.=., Rene M. #tul+ and Ralp0 '. /alklin(, 1991, ' 7est of t0e 1ree Cas0 1lo6 H%pot0esis< 70e Case of ,idder Returns, Journal of Financial Economics !9, 31"433". 63. ,ertrand, Marianne, and #end0il Mullainat0an, !&&3, *nLo%in( t0e ?uiet 5ifeG Corporate Governance and Mana(erial =references, Journal of Political Econom FIN'NCI'L POLICY ) C'PIT'L STR*CT*RE Fo n#ation 6". Modi(liani, 1ranco, and Merton Miller, 19"-, 70e Cost of Capital, Corporation 1inance and t0e 70eor% of Investment, American Economic Review 3-, !61 !92. S r!e"s 66. Harris, Milton, and 'rtur Raviv, 1991, 70e 70eor% of Capital #tructure, Journal of Finance 36, !92 3"". '. ' detailed, if some60at dated no6, surve% focusin( on capital structure t0eories based on a(enc% costs, as%mmetric information, productMinput market interactions, and corporate control considerations @e;cludes ta; based t0eoriesA. 62. M%ers, #te6art, !&&3, 70e 1inancin( of Corporations, Handbook of the Economics of Finance, )olume 1', *ds. Geor(e M. Constantinides, Milton Harris, and Rene M. #tul+, *lsevier, 'msterdam.

'. ' nice nontec0nical surve% of tradeoff, peckin( order, and a(enc% based t0eories of capital structure from one of t0e pioneers in t0e field. 6-. 1rank, Murra% K., and )id0an Go%al, !&&2, 7radeoff and =eckin( :rder 70eories of >ebt, *he Handbook of Empirical &orporate Finance, *d. *spen *ckbo, *lsevier, 'msterdam. '. ' more detailed and up to date compliment to M%ers surve% b% t6o (ood empiricists. 69. Gra0am, $o0n R., and Campbell Harve%, !&&1, 70e 70eor% and =ractice of Corporate 1inance< *vidence from t0e 1ield, Journal of Financial Economics 6&, 1-28!33. +eneral St #ies )eterminants of Leverage 2&. 7itman, #0eridan, and Roberto /essels, 19--, 70e >eterminants of Capital #tructure C0oice, Journal of Finance 1 19. 21. ,arcla%, Mic0ael, Clifford /. #mit0, and Ross /atts, 199", 70e >eterminants of Corporate 5evera(e and >ividend =olicies, Journal of Applied &orporate Finance 2, 3 19. 2!. RaLan, Ra(0uram, and 5ui(i Kin(ales, 199", /0at >o /e 9no6 'bout Capital #tructure< #ome *vidence from International >ata, Journal of Finance "&, 13!1 136&. 23. /elc0, Ivo, !&&3, Capital #tructure and #tock Returns, Journal of Political Econom 11!, 1&6 131. 23. 1aulkender, Mic0ael, and Mitc0ell '. =etersen, !&&6, >oes t0e #ource of Capital 'ffect Capital #tructureG Review of Financial "tudies 19, pp 3" 29. 2". 1rank, Murra% K., and )id0an 9. Go%al, !&&2, Capital structure decisions< /0ic0 factors are reliabl% importantG /orkin( =aper, Dniversit% of Minnesota and H9D#7. 26. 5emmon, Mic0ael 5., Mic0ael R. Roberts, and $aime 1. Kender, !&&2, ,ack to t0e ,e(innin(< =ersistence and t0e Cross #ection of Corporate Capital #tructure, fort0comin( Journal of Finance. )eterminants of +ssuance )ecisions 22. 7a((art, Robert '. $r., 1922, ' Model of Corporate 1inancin( >ecisions, Journal of Finance 3!, 1362 13-3.

2-. Mars0, =aul, 19-!, 70e c0oice bet6een eIuit% and debt< 'n empirical stud%, Journal of Finance 32, 1!18133. 29. $un(, 9oo%ul, Non( C0eol 9im, and Rene #tul+, 1996, 7imin(, Investment :pportunities, Mana(erial >iscretion, and t0e #ecurit% Issue >ecision, Journal of Financial Economics 3!, 1"9 1-". -&. Hovakimian, 'rmen, 7im :pler, and #0eridan 7itman, !&&1, 70e >ebt *Iuit% C0oice, Journal of Financial and !uantitative Anal sis 36, 18!3. Mar$et Timin& -1. ,aker, Malcolm, and $eff /ur(ler, !&&!, Market timin( and capital structure, Journal of Finance "2, 1 3!. -!. 'lti, '%do(an, !&&6, Ho6 =ersistent is t0e Impact of Market 7imin( on Capital #tructureG Journal of Finance 61, 16-1 121&. Tar&et Capital Str ct re , Rebalancin& -3. $alilvand, 'bol0assan, and Robert #. Harris, 19-3, Corporate ,e0avior in 'dLustin( to Capital #tructure and >ividend 7ar(ets< 'n *conometric #tud%, Journal of Finance 39, 1!2 13". -3. 5ear%, Mark 7., and Mic0ael R. Roberts, !&&", >o 1irms Rebalance 70eir Capital #tructuresG Journal of Finance 6&, !"2" !619. -". 1lanner%, Mark, and 9asturi Ran(an, !&&6, =artial 'dLustment 7o6ards 7ar(et Capital #tructures, Journal of Financial Economics 29, 3698"&6. -6. 9a%0an, '%la, and #0eridan 7itman, !&&2, 1irmsF Histories and 70eir Capital #tructures, Journal of Financial Economics -3, 1 3!. Ta-es -2. Givol%, >an, Carla Ha%n, '0aron R. :fer, and :ded #ari(, 199!, 7a;es and Capital #tructure< *vidence from 1irmsF Response to t0e 7a; Reform 'ct of 19-6, Review of Financial "tudies ", 33183"". --. 1ama, *u(ene, and 9ennet0 R. 1renc0, 199-, 7a;es, 1inancin( >ecisions and 1irm )alue, Journal of Finance "3, -198-33. -9. Gra0am, $o0n, !&&&, Ho6 bi( are t0e ta; benefits of debtG, Journal of Finance "", 19&1 1931. 9&. Gra0am, $o0n, !&&3, 7a;es and Corporate 1inance< ' Revie6, Review of Financial "tudies 16, 1&2" 11!9.

91. Gra0am, $o0n R., and ' 5. 7ucker, !&&6, 7a; s0elters and corporate debt polic%, Journal of Financial Economics -1, "638"93. 9!. 5e6ellen, $onat0an, and 9aterina 5e6ellen, !&&6, Internal *Iuit%, 7a;es, and Capital #tructure, /orkin( =aper, >artmout0 Dniversit%. .an$r ptc" an# %istress 93. /arner, $erome ,., 1922, ,ankruptc% Costs< #ome *vidence, Journal of Finance 3!, 3328332. 93. Hau(en, Robert '., and 5emma /. #enbet, 192-, 70e Insi(niHcance of ,ankruptc% Costs to t0e 70eor% of :ptimal Capital #tructure, Journal of Finance 33, 3-38393. 9". 1ranks, $ulian, and /alter 7orous, 19-9, 'n *mpirical Investi(ation of Dnited #tates 1irms in Reor(ani+ation, Journal of Finance 33, 232 269. 96. Gilson, #tuart, 9ose $o0n, and 5arr% 5an(, 199&, 7roubled >ebt Restructurin(s< 'n *mpirical #tud% of =rivate Restructurin(s of 1irms in >efault, Journal of Financial Economics !2, 31" 3"3. 92. /eiss, 5a6rence '., 199&, ,ankruptc% Resolution< >irect Costs and )iolation of =riorit% of Claims, Journal of Financial Economics !2, 319 333. 9-. 'sIuit0, =aul, Robert Gertner, and >avid #c0arfstein, 1993, 'natom% of 1inancial >istress< 'n *;amination of $unk ,ond Issuers, !uarterl Journal of Economics 1&9, 6!" 6"-. 99. 1ranks, $ulian, and /alter 7orous, ' Comparison of 1inancial recontractin( in >istressed *;c0an(es and C0apter 11 Reor(ani+ations, Journal of Financial Economics 3", 339 32&. 1&&. Gilson, #tuart C., 1992, 7ransactions Costs and Capital #tructure C0oice< *vidence from 1inanciall% >istressed 1irms, Journal of Finance "!, 161 196. 1&1. 'ndrade, Gre(or, and #teven .. 9aplan, 199-, Ho6 Costl% is 1inancial @.ot *conomicA >istressG *vidence from Hi(0l% 5evera(e 7ransactions t0at ,ecame >istressed, Journal of Finance "3, 1333 1393. 1&!. =ulvino, 7odd, 199-, >o 'sset 1ire #ales *;istG 'n *mpirical Investi(ation of Commercial 'ircraft 7ransactions, Journal of Finance "3, 939 92-. 1&3. Gilson, #tuart, *dit0 Hotc0kiss, and Ric0ard Ruback, !&&&, )aluation of ,ankrupt 1irms, Review of Financial "tudies 13, 33 23..

Pec$in& Or#er /an# Vers s Tra#eoff0 1&3. #0%am #under, 5aks0mi, and #te6art M%ers, !&&1, 7estin( #tatic 7radeoff '(ainst =eckin( :rder Models of Capital #tructure, Journal of Financial Economics "1, !19 !33. 1&". C0irinko, R., and '. #in(0a, !&&&, 7estin( static trade o a(ainst peckin( order models of capital structure< ' critical comment, Journal of Financial Economics "-, 31283!". 1&6. 1ama, *ue(ene, and 9ennet0 R. 1renc0, !&&!, 7estin( 7rade off and =eckin( :rder =redictions about >ividends and >ebt, Review of Financial "tudies 1", 18 33. 1&2. 1rank, Murra% and )id0am Go%al, !&&3, 7estin( t0e peckin( order t0eor% of capital structure, Journal of Financial Economics 62, !12 !3-. 1&-. 5emmon, Mic0ael, and $amie 1. Kender, !&&", >ebt Capacit% and 7ests of Capital #tructure 70eories, /orkin( =aper, Dniversit% of Dta0. 1&9. 1ama, *u(ene, and 9ennet0 R. 1renc0, !&&", 1inancin( >ecisions< /0o Issues #tockG, Journal of Financial Economics 26, "39 "-!. 11&. 5ear%, Mark 7., and Mic0ael R. Roberts, !&&2, 70e =eckin( :rder, >ebt Capacit%, and Information 's%mmetr%, /orkin( =aper, 70e /0arton #c0ool. Information 's"mmetr" 111. C0an(, O., #udipto >as(upta, and Giles Hillar%, !&&6, 'nal%st Covera(e and 1inancin( >ecisions, Journal of Finance 61, 3&&983&3-. 11!. Gomes, 'rmando, and Gordon =0illips, !&&6, =rivate and =ublic #ecurit% Issuance b% =ublic 1irms< 70e Role of 's%mmetric Information, /orkin( =aper, Dniversit% of Mar%land. '&enc" Costs 113. Crutc0le%, C.*., and R.#. Hansen, 19-9, ' 7est of t0e '(enc% 70eor% of Mana(erial :6ners0ip, Corporate 5evera(e, and Corporate >ividends, Financial $anagement 1-, 36836. 113. Roberts, Mic0ael R. and 'mir #ufi, !&&9, Control ri(0ts and capital structure< 'n empirical investi(ation, Journal of Finance 63, 16"2 169". 11". ,arcla%, Mic0ael, *r6an Morellec, and Clifford /. #mit0, !&&6, :n t0e >ebt Capacit% of Gro6t0 :ptions, Journal of Business 29, 32 "9.

The Macroeconom" an# Capital Str ct re 116. 9oraLc+%k, Robert '., and 'mnon 5ev%, !&&3, Capital #tructure C0oice< Macroeconomic Conditions and 1nancial Constraints, Journal of Financial Economics 6-, 2"81&9. 112. ,ernanke, ,en #., and $o0n N. Campbell, 19--, Is 70ere a Corporate >ebt CrisisG, Brookings Papers on Economic Activit 1, -3 1!". Pro# ct Mar$et Competition1In# str" an# Capital Str ct re 11-. C0evalier, $udit0, 199", >o 5,: #upermarkets C0ar(e MoreG 'n *mpirical 'nal%sis of t0e *ffects of 5,:s on #upermarket =ricin(, Journal of Finance "&, 1&9" 111!. 119. C0evalier, $udit0, 199", Capital #tructure and =roduct Market Competition< *mpirical *vidence from t0e #upermarket Industr%, American Economic Review -", 31" 33". 1!&. =0illips, Gordon, 199", Increased >ebt and Industr% =roduct Markets< 'n *mpirical 'nal%sis, Journal of Financial Economics 32, 1-9 !3-. 1!1. Campello, Murillo, !&&3, Capital #tructure and =roduct Markets Interactions< *vidence from ,usiness C%cles, Journal of Financial Economics 6-, 3"3 32-. 1!!. Macka%, =eter, and Gordon M. =0illips, !&&", Ho6 >oes Industr% 'ffect 1irm 1nancial #tructureG, Review of Financial "tudies 1-, 133381366. Lo2 Le!era&e an# %ebt Conser!atism 1!3. Minton, ,ernadette '., and 9aren H. /ruck, !&&1, 1inancial Conservatism< *vidence on Capital #tructure from 5o6 5evera(e 1irms, Dniversit% of :0io /orkin( =aper .o. !&&1 6. 1!3. 5emmon, Mic0ael 5., and $aime 1. Kender, !&&1, 5ookin( Dnder t0e 5amppost< 'n *mpirical *;amination of t0e >eterminants of Capital #tructure, /orkin( =aper, Dniversit% of Dta0. 1!". Molina, Carlos '., !&&", 're 1irms Dnderlevera(edG 'n *;amination of t0e *ffect of 5evera(e on >efault =robabilities, Journal of Finance 6&, 13!2813"9. Sec rit" Price Implications of Financin& E!ents 1!6. Masulis, Ronald /., 19-&, 70e *ffects of Capital #tructure C0an(e on #ecurit% =rices< ' stud% of *;c0an(e :ffers, Journal of Financial Economics -, 139 122.

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