TY  - JOUR
AU  - Rajan,Raghuram G.
AU  - Zingales,Luigi
TI  - What Do We Know About Capital Structure? Some Evidence from International Data
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 4875
PY  - 1994
Y2  - October 1994
UR  - http://www.nber.org/papers/w4875
L1  - http://www.nber.org/papers/w4875.pdf
N1  - Author contact info:
Raghuram Rajan
Booth School of Business
University of Chicago
5807 South Woodlawn Avenue
Chicago, IL 60637
Tel: 773/702-4437
Fax: 773/702-0458
E-Mail: raghuram.rajan@ChicagoBooth.edu

Luigi Zingales
Booth School of Business
The University of Chicago
5807 S. Woodlawn Avenue
Chicago, IL 60637
Tel: 773/702-3196
Fax: 773/834-2081
E-Mail: luigi.zingales@ChicagoBooth.edu
AB  - We investigate the determinants of capital structure choice by analyzing the financing decisions of public firms in the major industrialized countries.  At an aggregate level, firm leverage is fairly similar across the G-7 countries.  We find that factors identified by previous studies as important in determining the cross- section of capital structure in the U.S. affect firm leverage in other countries as well.  However, a deeper examination of the U.S. and foreign evidence suggests that the theoretical underpinnings of the observed correlations are still largely unresolved.
ER  -