Real Assets and Capital Structure

Murillo Campello, Erasmo Giambona

NBER Working Paper No. 18147
Issued in June 2012

---- Acknowledgements -----

Send correspondence to: Murillo Campello, Johnson Graduate School of Management, Cornell University, Ithaca, NY 14853-6201. E-mail: mnc35@cornell.edu. Phone: 607-255-1282. We are thankful for comments from Malcolm Baker, Antonio Galvao, Wenlian Gao, Alessandro Gavazza, John Graham, Ulrich Hege, Paul Malatesta (the editor), Ralf Meisenzahl, Antonio Mello, Lilian Ng, Hernan Ortiz-Molina, José Luis Peydró-Alcalde, Gordon Phillips, Petya Platikanov, Amit Seru, David Thesmar, Philip Valta, Qinghai Wang, Xueping Wu, and Josef Zechner. We are especially thankful to an anonymous referee for many insightful comments. We also thank seminar participants at the Brazilian Finance Society Meetings (2010), Catholic University of Milan, Cornell University, European Business School, FIRS Conference (2011), FMA European Conference (2011), HEC, International Conference on Panel Data (2010), Maastricht University, University of Amsterdam, University of New South Wales, and University of Wisconsin at Madison. An earlier version of this paper was circulated with the title "Capital Structure and the Redeployability of Tangible Assets." Ping Liu provided excellent research assistance. We are responsible for any remaining errors. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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