Working Papers ''Inflexibility and Leverage,'' with L. Gu and Y. Luo. Accepted, Management Science. ''Debt Dynamics and Default Probabilities,'' with S. Bartram, P. Feldhuetter and Y. Kitapbayev. ''Capital Structure and ESG Heterogeneity,'' with Y. Luo. ''Investment-Based Trade-Off Theory,'' with A. Stahmer. ''Maturity Overhang: Evidence from M&A,'' with Z. Chen, J. Harford and Y. Luo. ''Does Transparency Increase Takeover Vulnerability?'' with L. Gu. See also Harvard Law School Forum on Corporate Governance and Financial Regulation. ''Optimal Capital and Maturity Structure,'' with H. Leland.