This article reviews empirical capital structure research, concentrating on papers published
since 2005. We begin by documenting three dimensions of capital structure variation: cross …

This paper uses surveys to document CFO perspectives on corporate planning, investment,
capital structure, payout, and shareholder versus stakeholder focus. Comparing policy …

We provide updates to and perspectives on the enduring topic of debt and taxes. The recent
decade brought us new empirical strategies, accounting rules, and tax laws. We discuss …

We investigate whether firms in close customer–supplier relationships are better able to
identify and implement tax avoidance strategies via supply chains. Consistent with our …

Using staggered corporate income tax changes across US states, we show that taxes have a
first-order effect on capital structure. Firms increase leverage by around 40 basis points for …

Leverage cross‐sections more than a few years apart differ markedly, with similarities
evaporating as the time between them lengthens. Many firms have high and low leverage at …

We present the puzzling evidence that, from 1962 to 2009, an average 10.2% of large public
nonfinancial US firms have zero debt and almost 22% have less than 5% book leverage …

ABSTRACT I build a dynamic capital structure model that demonstrates how business cycle
variation in expected growth rates, economic uncertainty, and risk premia influences firms' …

ABSTRACT I estimate the market's valuation of the net benefits to leverage using panel data
from 1994 to 2004, identified from market values and betas of a company's debt and equity …

We develop a dynamic tradeoff model to examine the importance of manager–shareholder
conflicts in capital structure choice. In the model, firms face taxation, refinancing costs, and …