The Cyclical Behavior of Debt and Equity Finance
研究了美国上市公司债务和股权发行的顺周期性，发现股权发行的顺周期性随企业规模单调递减，但最大规模企业（尤其是前1%）的行为导致加总层面结果不明确。经济恶化时，企业通过减少金融资产来缓解外部融资减少对投资的影响。
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.