Government Debt and Corporate Leverage: International Evidence
---- Acknowledgments ----
We thank Aydogan Alti, Miguel Ferreira, Adrien Matray, Kai Li, Vassil Mihov, Stijn Van Nieuwerburgh, Sheridan Titman, Garry Twite, Josef Zechner, and seminar participants at the 2015 FMA European Conference, the 2016 CEPR European Summer Symposium in Financial Markets, the 2016 China International Conference in Finance, the Frankfurt School of Finance and Management, the Nova School of Business and Economics, the University of Iowa, the University of Mannheim, the University of Texas at Austin, and the Vienna University of Economics and Business for comments and suggestions. Clemens Sialm is an independent contractor with AQR Capital Management. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.
---- Disclosure of Financial Relationships for Clemens Sialm ----
Clemens Sialm has received compensation for consulting services and for giving presentations from the following institutions: AQR Capital Management, the U.S. Securities and Exchange Commission, Mercer Advisors, Dimensional Fund Advisors, and MyVest.