ABSTRACT. Adam and Goyal argue that the mix of assets-in-place and investment opportunities affects a firm's capital structure, the maturity and covenant structure of its debt contracts, a firm's dividend policy, its compensation contracts, and its accounting policies. Fuss and Vermeulen hold that in periods of adverse cash flow shocks the probability of obtaining extra bank debt becomes more sensitive to the size and leverage of the firm. Aggarwal and Kyaw examine how cross-border variations in the environment of finance and institutional factors influence the role of debt in addressing agency problems for firms with different growth opportunities.



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