A cash-cow firm would best be financed by something that looks like a bond until a recession

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A cash-cow firm would best be financed by something that looks like a bond until a recession comes around.

You could design a novel kind of bond that has the ability to cancel or delay bond payments if, and only if, the official GDP or unemployment numbers state that there is a recession. The presence of agency issues makes it better if the contract does not allow managers to delay payments at their own discretion under normal circumstances.

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