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dc.contributor.authorCovas, Franciscoen_US
dc.contributor.authorHaan, Wouter J. denen_US
dc.date.accessioned2011-12-15T12:57:14Z-
dc.date.available2011-12-15T12:57:14Z-
dc.date.issued2007en_US
dc.identifier.urihttp://hdl.handle.net/10419/53875-
dc.description.abstractWe document the cyclical behavior of debt, equity, and retained earnings for different firm categories using firm-level Canadian data. There is evidence of both procyclical equity and debt issuance for all firm categories but the timing differs. In particular, there is strong evidence that equity issuance increases in anticipation of an expansion. During this phase, some substitution between debt and equity takes place. After the expansion has reached its peak, equity issuance starts to decrease and during this phase there is strong evidence of procyclical debt issuance and some substitution out of equity seems to take place. Retained earnings is procyclical except for small firms.en_US
dc.language.isoengen_US
dc.publisherBank of Canada Ottawaen_US
dc.relation.ispartofseriesBank of Canada Working Paper 2007,44en_US
dc.subject.jelE32en_US
dc.subject.jelG32en_US
dc.subject.ddc330en_US
dc.subject.keywordBusiness fluctuations and cyclesen_US
dc.subject.stwKonjunkturen_US
dc.subject.stwBetriebliche Finanzwirtschaften_US
dc.subject.stwEigenkapitalen_US
dc.subject.stwFremdkapitalen_US
dc.subject.stwKapitalerhöhungen_US
dc.subject.stwKanadaen_US
dc.titleCyclical behavior of debt and equity using a panel of Canadian firmsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn54804211Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Bank of Canada Working Papers

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