NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Securities laws and the choice between loans and bonds for highly levered firms

Robert Prilmeier, René M. Stulz

NBER Working Paper No. 25467
Issued in January 2019

---- Acknowledgments ----

We thank Andrei Gonçalves and Byungwook Kim for excellent research assistance. 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 René M. Stulz ----

René Stulz serves on the board of a bank and consults and provides expert testimony for financial institutions. He also belongs to the board of trustees of the Global Association of Risk Professionals.

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