| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w30034 |
| 来源ID | Working Paper 30034 |
| The Secular Decline in Private Firm Leverage | |
| Christine L. Dobridge; Erik P. Gilje; Andrew Whitten | |
| 发表日期 | 2022-05-16 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Using firm-level administrative tax data on the 43% of business liabilities in the United States tied to privately held firms, we document dramatic reductions in leverage since the Great Recession. Leverage for the average private firm fell fifteen percent between 2004 and 2018. In contrast, leverage among public firms rose during this period. The decline in leverage among private firms is inconsistent with theories that suggest firm leverage tracks pro-cyclical credit market conditions. Younger and smaller private firms see especially large declines in leverage, and we find that reduced leverage among private firms is correlated with lower investment. Our findings have important implications for theories on how firm leverage and investment relate to economic fluctuations. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w30034 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587708 |
| 推荐引用方式 GB/T 7714 | Christine L. Dobridge,Erik P. Gilje,Andrew Whitten. The Secular Decline in Private Firm Leverage. 2022. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w30034.pdf（1118KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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