Read the article in the link below. The content is also in the Appendix of this exam. https://www.federalreserve.gov/eco

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Read the article in the link below. The content is also in the
Appendix of this exam.
https://www.federalreserve.gov/econres/ ... 170616.htm
a. Were U.S. nonfinancial corporations on average issuing new
equity or buying their shares back? Provide evidence from the
article.
b. The pattern of corporate financing is discussed in the
textbook (Figure 15.2 page 487 and the discussion on page 488).
Explain the reasons for this pattern of financing using all
relevant topics/theories of capital structure.