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Capital Structure, Investment, and Fire Sales

Douglas Gale and Piero Gottardi.

in The Review of Financial Studies

September 2015; p ublished online February 2015 .

Journal Article. Subjects: Welfare Economics; Bankruptcy; General Equilibrium and Disequilibrium; Corporate Governance. 12737 words.

We study a dynamic general equilibrium model in which firms choose their investment level and capital structure, trading off the tax advantages of debt against the risk of costly default....