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Seema Narayan

Based at RMIT University, Melbourne Australia, A/Prof. Narayan engages in inter-disciplinary research with over 100 papers published in the subject area of Financial Economics, Economic Development, Energy, International Trade, Time series and Panel Econometric analyses. Her recent collaborative research articles with international and Australian researchers feature in internationally recognised peer review journals, namely, Energy Economics, Emerging Markets Review, International Review of Financial Analysis, International Review of Economics and Finance, Journal of International Financial Markets, Institutions & Money, Pacific-Basin Finance Journal, Journal of Behavioural Finance, Economic Inquiry, and Finance Research Letters. According to Google Scholar, her H-index is 33 and i-10 index is 65.


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Seema Narayan, Son NguyenNgoc Minh Bui: Macroeconomic Determinant of US Corporate Leverage

This paper examines the behaviour of US corporate leverage to changes in macroeconomic conditions. The study covers the S&P 500 non-financial firms over the period 2000-2018. We examine the influence of macroeconomic factors, namely GDP growth, industrial production growth, inflation and nominal interest rate on leverage. The study also accounts for the effects of the Global Financial Crisis and other financial factors consistent with the trade-off and Pecking order theories. Our analysis distinguishes between corporations with strong balance sheet positions and corporations with weak balance sheet positions. We explain whether the impact of macroeconomic shocks are more strongly felt by highly indebted companies versus those that are less indebted.

Last modified: 2018.11.30.