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Sponsored Artificial Intelligence: A Modern Approach, Global Edition Artificial Intelligence: A Modern Approach, Global Edition

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Tongxia Li

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Open access Aug 2026

Brand Capital and Leverage Adjustments

Using a sample of U.S. firm‐year observations, we document a positive association between brand capital and the speed of leverage adjustment. This relationship is stronger among firms that exhibit greater opacity in their information disclosure, weaker governance, and more rigid financial constraints. The results are...

Tong-Xia Li, Chun Lu, Lei Xu et al. · 0 citations

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