Do Peer Firms Affect Corporate Financial Policy

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Common Errors: How to (and Not to) Control for Unobserved Heterogeneity (2014, background): “However, as shown in Manski (1993) and Leary and Roberts (2010), OLS estimation of the peer effects model (i.e., AvgE) does not reveal causal effects because of a reflection problem.”
Carbon risk and corporate capital structure (2020, neutral): “Firms with higher degrees of fixed costs relative to total costs have their earnings more susceptible to changing economic conditions, resulting in higher earnings volatility, hence higher financial distress risk (Lemmon et al. (2008), Serfling (2016)).”
Taxes and Capital Structure (2015, background): “We do so as Leary and Roberts (2014) document that peers’ (i.”
Peer Effects of Corporate Social Responsibility (2019, neutral): “Lee, David S., and Thomas Lemieux, 2010, Regression discontinuity design in economics, Journal of Economic Literature 48, 281-355.”
Earnings Management, Capital Structure and the Role of Institutional Environments (2016, background): “In sum, the results of the firm and industry characteristics are consistent with Titman and Wessels (1988), Lemmon et al. (2008), Antoniou et al.”