Macroeconomic Risk and Debt Overhang*
Since corporate debt tends to be riskier in recessions, transfers from equity holders to debt holders that accompany corporate decisions also tend to concentrate in recessions. Such systematic risk exposures of debt overhang have important implications for corporate investment and financing decision...
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| Format: | Article |
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Oxford University Press (OUP)
2019
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| Online Access: | http://hdl.handle.net/1721.1/120820 https://orcid.org/0000-0001-9605-641X |