Wouter den Haan

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Staff Working Papers

Cyclical Behavior of Debt and Equity Using a Panel of Canadian Firms

Staff Working Paper 2007-44 Francisco Covas, Wouter den Haan
We document the cyclical behavior of debt, equity, and retained earnings for different firm categories using firm-level Canadian data.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Business fluctuations and cycles JEL Code(s): E, E3, E32, G, G3, G32

The Role of Debt and Equity Finance over the Business Cycle

Staff Working Paper 2006-45 Francisco Covas, Wouter den Haan
The authors show that debt and equity issuance are procyclical for most listed U.S. firms.