Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/53875 
Erscheinungsjahr: 
2007
Schriftenreihe/Nr.: 
Bank of Canada Working Paper No. 2007-44
Verlag: 
Bank of Canada, Ottawa
Zusammenfassung: 
We 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.
Schlagwörter: 
Business fluctuations and cycles
JEL: 
E32
G32
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper
Erscheint in der Sammlung:

Datei(en):
Datei
Größe
664.43 kB





Publikationen in EconStor sind urheberrechtlich geschützt.