Replication data for: The Cyclical Behavior of Debt and Equity Finance

Principal Investigator(s):  View help for Principal Investigator(s) Francisco Covas; Wouter J. Den Haan

Version:  View help for Version V1

Name File Type Size Last Modified
LICENSE.txt text/plain 14.6 KB 10/11/2019 11:43:AM
Table8.do text/plain 14.6 KB 10/11/2019 11:43:AM
dataseriesforcorrelationcoefficients.xls application/vnd.ms-office 139.5 KB 10/11/2019 11:43:AM
dataseriesforcorrelationcoefficients_excludingnewlylisted.xls application/vnd.ms-office 142 KB 10/11/2019 11:43:AM
det_cut_offs.dta application/octet-stream 2.4 KB 10/11/2019 11:43:AM
readme.pdf application/pdf 8.1 KB 10/11/2019 11:43:AM

Project Citation: 

Covas, Francisco, and Den Haan, Wouter J. Replication data for: The Cyclical Behavior of Debt and Equity Finance. Nashville, TN: American Economic Association [publisher], 2011. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112414V1

Project Description

Summary:  View help for Summary Debt and equity issuance are procyclical for most size-sorted firm categories of listed US firms and the procyclicality of equity issuance decreases monotonically with firm size. At the aggregate level, however, the results for equity issuance are not conclusive due to different behavior of the largest firms, especially those in the top one percent. During a deterioration in economic conditions, firms limit the impact of the reduction in external financing on investment by shedding financial assets. This is true for a worsening in aggregate as well as firm-specific conditions. (JEL E32, G32, L11, L25)

Scope of Project

JEL Classification:  View help for JEL Classification
      E32 Business Fluctuations; Cycles
      G32 Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
      L11 Production, Pricing, and Market Structure; Size Distribution of Firms
      L25 Firm Performance: Size, Diversification, and Scope


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V1 [2019-10-11]

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