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   "estimand": "Sensitivity of net equity repurchases and net debt issuance to lagged debt- and equity-market expected excess returns (valuation measures)",
   "strategy": "Firm-level panel and aggregate time-series regressions of financing flows on lagged valuation proxies with fundamental controls; logit models for simultaneous issuance/repurchase; return-forecasting regressions of bond returns on firm actions controlling for hedge-ratio-adjusted stock returns; additional tests using market-specific sentiment and supply shocks (e.g., forecast errors)",
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    "claim": "Net equity repurchases and net debt issuance both rise when expected excess debt returns are low or expected equity returns are high",
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    "claim": "A large share of financing comes from firms simultaneously issuing in one market and repurchasing in another",
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    "claim": "Market-specific valuation shocks, such as bond-yield forecast errors, drive financing decisions",
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    "evidence_ref": "Table VIII"
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