{"id":"https://openalex.org/W2104974571","doi":null,"title":"A macroeconomic approach to a firm's capital structure","display_name":"A macroeconomic approach to a firm's capital structure","publication_year":2011,"publication_date":"2011-01-01","ids":{"openalex":"https://openalex.org/W2104974571","mag":"2104974571"},"language":"en","primary_location":{"id":"pmh:oai:repository.upenn.edu:20.500.14332/31066","doi":null,"is_oa":false,"landing_page_url":"https://repository.upenn.edu/handle/20.500.14332/31066","pdf_url":null,"source":{"id":"https://openalex.org/S4306402083","display_name":"ScholarlyCommons (University of Pennsylvania)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I79576946","host_organization_name":"University of Pennsylvania","host_organization_lineage":["https://openalex.org/I79576946"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"published","raw_type":"Dissertation/Thesis"},"volume":null,"type":"dissertation","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5053463657","display_name":"Mitsuru Katagiri","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I79576946","display_name":"University of Pennsylvania","ror":"https://ror.org/00b30xv10","country_code":"US","type":"education","lineage":["https://openalex.org/I79576946"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Mitsuru Katagiri","raw_affiliation_strings":["#N#               * University of Pennsylvania"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"#N#               * University of Pennsylvania","institution_ids":["https://openalex.org/I79576946"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5053463657"],"corresponding_institution_ids":["https://openalex.org/I79576946"],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":2,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9086999893188477,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9086999893188477,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.010400000028312206,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12509","display_name":"Corporate Insolvency and Governance","score":0.009399999864399433,"subfield":{"id":"https://openalex.org/subfields/3308","display_name":"Law"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/capital-structure","display_name":"capital structure","score":0.7990000247955322},{"id":"https://openalex.org/keywords/cross-sectional-dispersion","display_name":"cross-sectional dispersion","score":0.7269999980926514},{"id":"https://openalex.org/keywords/trade-off-theory","display_name":"trade-off theory","score":0.8500000238418579},{"id":"https://openalex.org/keywords/tax-benefits-of-debt","display_name":"tax benefits of debt","score":0.8759999871253967},{"id":"https://openalex.org/keywords/financial-distress-costs","display_name":"financial distress costs","score":0.996999979019165},{"id":"https://openalex.org/keywords/heterogeneous-firms","display_name":"heterogeneous firms","score":0.8050000071525574},{"id":"https://openalex.org/keywords/firm-entry-and-exit","display_name":"firm entry and exit","score":0.8980000019073486},{"id":"https://openalex.org/keywords/dynamic-general-equilibrium","display_name":"dynamic general equilibrium","score":0.7170000076293945},{"id":"https://openalex.org/keywords/firm-distribution","display_name":"firm distribution","score":0.5950000286102295},{"id":"https://openalex.org/keywords/profitability","display_name":"profitability","score":0.6420000195503235},{"id":"https://openalex.org/keywords/firm-size","display_name":"firm size","score":0.9980000257492065},{"id":"https://openalex.org/keywords/economies-of-scale","display_name":"economies of scale","score":0.8500000238418579},{"id":"https://openalex.org/keywords/technology-shocks","display_name":"productivity shocks","score":0.8980000019073486},{"id":"https://openalex.org/keywords/internal-financing","display_name":"internal financing","score":0.5289999842643738},{"id":"https://openalex.org/keywords/young-firms","display_name":"young firms","score":0.6399999856948853}],"concepts":[{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.8263765573501587},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6539629697799683},{"id":"https://openalex.org/C129361004","wikidata":"https://www.wikidata.org/wiki/Q2470236","display_name":"Profitability index","level":2,"score":0.652328610420227},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.6177328824996948},{"id":"https://openalex.org/C108650721","wikidata":"https://www.wikidata.org/wiki/Q1783253","display_name":"Counterfactual thinking","level":2,"score":0.5964818000793457},{"id":"https://openalex.org/C103382277","wikidata":"https://www.wikidata.org/wiki/Q282640","display_name":"General equilibrium theory","level":2,"score":0.5834263563156128},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.510948121547699},{"id":"https://openalex.org/C110121322","wikidata":"https://www.wikidata.org/wiki/Q865811","display_name":"Distribution (mathematics)","level":2,"score":0.4530267119407654},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.4403280019760132},{"id":"https://openalex.org/C165083353","wikidata":"https://www.wikidata.org/wiki/Q282942","display_name":"Returns to scale","level":3,"score":0.42465686798095703},{"id":"https://openalex.org/C83873408","wikidata":"https://www.wikidata.org/wiki/Q192311","display_name":"Business cycle","level":2,"score":0.4165623188018799},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.3577791750431061},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.22147136926651},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.1902400553226471},{"id":"https://openalex.org/C2778348673","wikidata":"https://www.wikidata.org/wiki/Q739302","display_name":"Production (economics)","level":2,"score":0.170151948928833},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.08692923188209534},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C134306372","wikidata":"https://www.wikidata.org/wiki/Q7754","display_name":"Mathematical analysis","level":1,"score":0.0},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.0},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0}],"mesh":[],"locations_count":4,"locations":[{"id":"pmh:oai:repository.upenn.edu:20.500.14332/31066","doi":null,"is_oa":false,"landing_page_url":"https://repository.upenn.edu/handle/20.500.14332/31066","pdf_url":null,"source":{"id":"https://openalex.org/S4306402083","display_name":"ScholarlyCommons (University of Pennsylvania)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I79576946","host_organization_name":"University of Pennsylvania","host_organization_lineage":["https://openalex.org/I79576946"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"published","raw_type":"Dissertation/Thesis"},{"id":"pmh:oai:repository.upenn.edu:dissertations-10374","doi":null,"is_oa":false,"landing_page_url":"https://repository.upenn.edu/dissertations/AAI3485611","pdf_url":null,"source":{"id":"https://openalex.org/S4377196331","display_name":"Scholarly Commons (University of Pennsylvania)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I79576946","host_organization_name":"University of Pennsylvania","host_organization_lineage":["https://openalex.org/I79576946"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Dissertations available from ProQuest","raw_type":"text"},{"id":"pmh:oai:repository.upenn.edu:edissertations-1503","doi":null,"is_oa":false,"landing_page_url":"https://repository.upenn.edu/edissertations/399","pdf_url":null,"source":{"id":"https://openalex.org/S4377196331","display_name":"Scholarly Commons (University of Pennsylvania)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I79576946","host_organization_name":"University of Pennsylvania","host_organization_lineage":["https://openalex.org/I79576946"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Publicly Accessible Penn Dissertations","raw_type":"text"},{"id":"mag:2104974571","doi":null,"is_oa":false,"landing_page_url":"https://repository.upenn.edu/cgi/viewcontent.cgi?article=10374&context=dissertations","pdf_url":null,"source":null,"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/8","score":0.6452000141143799,"display_name":"Decent work and economic growth"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":71,"referenced_works":["https://openalex.org/W1495009347","https://openalex.org/W1497618959","https://openalex.org/W1554018098","https://openalex.org/W1554043939","https://openalex.org/W1587350794","https://openalex.org/W1591931393","https://openalex.org/W1606527552","https://openalex.org/W1969341825","https://openalex.org/W1977872628","https://openalex.org/W1978374797","https://openalex.org/W1981936924","https://openalex.org/W1986837574","https://openalex.org/W1991871318","https://openalex.org/W1994328509","https://openalex.org/W1999067955","https://openalex.org/W2006355521","https://openalex.org/W2017299421","https://openalex.org/W2037841399","https://openalex.org/W2056674732","https://openalex.org/W2072612218","https://openalex.org/W2076961151","https://openalex.org/W2079626840","https://openalex.org/W2083608273","https://openalex.org/W2084310832","https://openalex.org/W2091596451","https://openalex.org/W2095812899","https://openalex.org/W2100034948","https://openalex.org/W2103920048","https://openalex.org/W2107291509","https://openalex.org/W2112062416","https://openalex.org/W2124597406","https://openalex.org/W2127315922","https://openalex.org/W2129123189","https://openalex.org/W2140281938","https://openalex.org/W2141203499","https://openalex.org/W2144830054","https://openalex.org/W2153524047","https://openalex.org/W2156108681","https://openalex.org/W2163693971","https://openalex.org/W2165613656","https://openalex.org/W2167351159","https://openalex.org/W2170790204","https://openalex.org/W2178691748","https://openalex.org/W2197647520","https://openalex.org/W2253916252","https://openalex.org/W2889842381","https://openalex.org/W2891474450","https://openalex.org/W2900296546","https://openalex.org/W3022689532","https://openalex.org/W3023239135","https://openalex.org/W3023875755","https://openalex.org/W3121236665","https://openalex.org/W3121467050","https://openalex.org/W3121819860","https://openalex.org/W3122059539","https://openalex.org/W3122124451","https://openalex.org/W3122206384","https://openalex.org/W3122361704","https://openalex.org/W3122398884","https://openalex.org/W3122589234","https://openalex.org/W3123142049","https://openalex.org/W3123235830","https://openalex.org/W3123474679","https://openalex.org/W3124871904","https://openalex.org/W3125087107","https://openalex.org/W3125395504","https://openalex.org/W3125450538","https://openalex.org/W3125493733","https://openalex.org/W3125676627","https://openalex.org/W3126076569","https://openalex.org/W3172883420"],"related_works":["https://openalex.org/W7098017252","https://openalex.org/W3126072515","https://openalex.org/W2107291509","https://openalex.org/W1501712361","https://openalex.org/W4251402537","https://openalex.org/W6965125472","https://openalex.org/W1510434914","https://openalex.org/W3001694185","https://openalex.org/W2903268422","https://openalex.org/W1520100628"],"abstract_inverted_index":{"In":[0],"this":[1],"paper,":[2],"I":[3,15,53,68,104],"investigate":[4],"the":[5,17,56,60,75,89,112],"logic":[6],"behind":[7],"cross":[8],"sectional":[9],"dispersion":[10,61],"of":[11,62,77,101],"firm's":[12,136],"capital":[13,64,78,124],"structure.":[14],"incorporate":[16],"trade":[18],"off":[19],"between":[20],"tax":[21,113],"benefits":[22,114],"and":[23,36,40,95,99,142],"financial":[24],"distress":[25],"costs":[26],"into":[27],"a":[28],"dynamic":[29],"general":[30],"equilibrium":[31,43,57],"model":[32],"with":[33,135],"heterogeneous":[34],"firms":[35,118,139],"their":[37,123],"endogenous":[38],"entry/exit,":[39,137],"compute":[41],"an":[42],"firm":[44,83],"distribution.\\nThe":[45],"main":[46],"findings":[47],"are":[48,88],"summarized":[49],"as":[50],"follows.":[51],"First,":[52],"find":[54,69,105],"that":[55,70,109],"distribution":[58],"approximates":[59],"firms'":[63],"structure":[65,79,125],"well.":[66],"Second,":[67],"it":[71],"simultaneously":[72],"accounts":[73],"for":[74],"relationship":[76],"to":[80,93,128],"profitability":[81],"\\\\textit{and}":[82],"size.":[84],"The":[85,131],"key":[86],"mechanisms":[87],"difference":[90],"in":[91,126],"responses":[92],"persistent":[94],"transitory":[96],"productivity":[97],"shocks":[98],"economies":[100],"scale.":[102],"Third,":[103],"through":[106],"counterfactual":[107],"experiments":[108],"even":[110],"if":[111],"do":[115],"not":[116,120],"exist,":[117],"would":[119],"significantly":[121],"change":[122],"contrast":[127],"previous":[129],"works.":[130],"intuition":[132],"is":[133],"that,":[134],"young":[138],"always":[140],"exist":[141],"use":[143],"debt":[144],"until":[145],"they":[146],"accumulate":[147],"internal":[148],"funding.":[149]},"counts_by_year":[{"year":2021,"cited_by_count":1},{"year":2017,"cited_by_count":1}],"updated_date":"2026-11-11T12:16:26.678958","created_date":"2016-06-24T00:00:00"}
