A century of capital structure: The leveraging of corporate America

The financial crisis of 2008 has been partially blamed on excessive leverage among households and financial intermediaries (Sufi and Mian 2010, Admati and Hellwig 2013, Reinhardt and Rogoff 2010). However, much less attention has been paid to the indebtedness of non-financial corporations – the…

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A century of capital structure: The leveraging of corporate America