Revisiting the Zero-Leverage Puzzle: the Perspectives of R&D, Market Competition and Equity Financing

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Revisiting the Zero-Leverage Puzzle: the Perspectives of R&D, Market Competition and Equity Financing

This thesis investigates a puzzling finding in capital structure literature. A large proportion of firms absolutely eschew debt financing, leaving a substantial fraction of their value on the table by not taking the tax benefit. This phenomenon is becoming increasingly prevalent around the world....

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Bibliographic Details
Main Author:	Li, S
Format:	Thesis (University of Nottingham only)
Language:	English
Published:	2023
Subjects:	Zero-leverage; debt financing; R&D firms; zero-levered behaviour
Online Access:	https://eprints.nottingham.ac.uk/73852/

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