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

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: 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:
      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

Related Publications

Download this project

Published Versions

V1 [2019-10-11]

Export Metadata

Dublin Core

DDI 2.5

Report a Problem

Found a serious problem with the data, such as disclosure risk or copyrighted content? Let us know.

This material is distributed exactly as received from the data depositor. As of April 2026, depositors are required to submit study materials in accessible formats. ICPSR has not reviewed, checked, or processed this material. For additional information about the study, please contact the investigator(s) directly. If you have questions about the accessibility of materials distributed by ICPSR or require further assistance, please visit ICPSR's Accessibility Center.