The Relative Cost of Capital for Marginal Firms over the Business Cycle

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Authors: Gikas A. Hardouvelis and Thierry A. Wizman
Publication: Federal Reserved Bank of New York, FRBNY Quarterly Review, Autumn 1992

Summary:
The authors compare the effects of the business cycle on the cost of capital faced by small, distressed firms and their larger, more financially secure counterparts. The analysis draws on stock market returns data for a broad range of traded companies during the 1963-91 period.

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