This paper examines capital structure decisions in the 1990s. We test a number of capital structure theories and find notable differences between investment-and junk-grade issuers in this period. Consistent with the trade-off theory, 67% of junk-grade issues were equity as opposed to only 9% of investment-grade issues. In addition, consistent with the trade-off theory, for junk-grade issuers, we find a direct relationship between collateral and debt issuance and an inverse relationship between debt issuance and the treasury yield. However, contrary to the predictions of the trade-off theory, we do not find similar evidence for investment-grade issuers. Moreover, our analysis suggests that junk-grade issuers are concerned with the wealth-transfer consequences of choosing equity over debt; this does not seem to be the case for investment-grade issuers. We find some evidence in support of market timing and little evidence for the pecking order theory or the equity undervaluation hypothesis.

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This article has earned an open data badge "Reproducible Research" for making publicly available the code necessary to reproduce the reported results. The results reported in this article could fully be reproduced.

Gelatin crosslinking using conventional methods is usually associated with some toxic side effects. In this research, therefore, the vacuum heating method at 10 Pascal and 140°C under different times of 8, 16, and 32 h was used to cross-link strontium-loaded gelatin microparticles with varying degrees obtained by the oil/water mixing method on titanium scaffolds by the dip-coating method to avoid toxicity and also to control the strontium release rate to the surrounding tissue. The possible phases formed on the surface of the porous titanium scaffolds, the gelatin microparticle distribution, gelatin strontium loading, and strontium release were characterized using thin film X-ray diffraction, Fourier transform infrared spectroscopy, scanning electron microscopy (SEM), and inductively coupled plasma-mass spectrometer (ICP-MS) machines, respectively. The results indicated that at 600°C, the rutile phase was formed on the surface of the heat-treated titanium scaffolds. Furthermore, strontium was successfully loaded in the spherical gelatin microparticles, and the strontium-loaded gelatin microparticles were distributed uniformly on the surface of the titanium scaffolds, while the rate of the in vitro strontium release decreased by increasing the time of the gelatin microparticle vacuum-heat crosslinking, whereas at the burst release step, the in vitro strontium release rates were around 5, 4.4, and 2.5 ppm/h, for the 8, 16, and 32 h vacuum-heat cross-linked gelatin microparticles, respectively.