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This document analyzes the effect of business cycles on the capital structure of Indian firms. It studies how firm leverage, or debt levels, evolve over economic expansions and recessions. The study finds that leverage of financially unconstrained firms exhibits countercyclical behavior, being higher in recessions. Leverage of constrained firms does not show any cyclical pattern. This suggests that in India, external capital primarily flows to unconstrained firms and may not be available to all firms during

Author

sarikachandaliya

Language

EN