Reconciling divergent findings on the speed of leverage adjustment
Estimates of firms’ speeds of leverage adjustment (SOAs) vary wildly. Studies producing these estimates impose a strong constraint: An average SOAis estimated for all firms in a sample. Using finite mixture models (FMM) we uncover four distinct types of behaviors characteri...
| Main Authors: | , , |
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| Format: | Conference Paper |
| Published: |
2018
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| Online Access: | http://hdl.handle.net/20.500.11937/77317 |