# **Table 4: The Role of Long-term Debt, Short-term Debt, and Cash.**

|_This table reports regressio_<br>_and cash, with both the OL_<br>_firm’s stock price. Notes: S_<br>_Short-term Debt, Cash, Ass_<br>_calculated with 2019 data._<br>|_n results re_<br>_S approach_<br>_tandard err_<br>_et, Market2_<br>|_garding ho_<br>_and the IV_<br>_ors are in p_<br>_Book, Log(_|_w the relat_<br>_approach (_<br>_arentheses_<br>_Asset), and_<br>|_ionship be_<br>_heterosce_<br>_, * p < 0.10_<br>_Profitabili_<br>|_tween chan_<br>_dasticity-ba_<br>_, ** p < 0.0_<br>_ty are mea_|_ges in oil p_<br>_sed identif_<br>_5, *** p <_<br>_sured in th_|_rices and_<br>_ication). T_<br>_0.01. Stan_<br>_e last quar_|_oil stock ret_<br>_he depende_<br>_dard errors_<br>_ter of the c_|_urns is med_<br>_nt variable_<br>_are cluster_<br>_alendar ye_|_iated by lo_<br>_, ∆log(stock_<br>_ed at the fi_<br>_ar 2019. Bet_<br>|_ng- and shor_<br>_), is the dail_<br>_rm level. Lon_<br>_a and Mom_|_t-term debt_<br>_y return of a_<br>_g-term Debt,_<br>_entum are_|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|∆ll(stock)<br>|||OL|S||||||IV|||
||(1)|(2)|(3)|(4)|(5)|(6)|(7)|(8)|(9)|(10)|(11)|(12)|
|∆ll(oil)<br>|0.170***|0.0832|0.0965|0.0822|0.0873|0.0249|0.0900|-0.150|-0.135|-0.384**|-0.377**|-0.371***|
||(0.0581)|(0.0698)|(0.0665)|(0.0664)|(0.0660)|(0.105)|(0.152)|(0.148)|(0.150)|(0.151)|(0.149)|(0.144)|
|∆ll(oil)t-1<br>|0.0389**|0.0391**|0.0384**|0.0385**|0.0380**|0.0378**|0.0940**|0.0946**|0.0884**|0.0890**|0.0885**|0.0885**|
||(0.0160)|(0.0161)|(0.0163)|(0.0164)|(0.0164)|(0.0164)|(0.0414)|(0.0420)|(0.0421)|(0.0421)|(0.0422)|(0.0422)|
|∆ll(stock)t-1<br>|-0.0452|-0.0458|-0.0457|-0.0458|-0.0449|-0.0446|-0.0546|-0.0563|-0.0550|-0.0564|-0.0553|-0.0553|
||(0.0599)|(0.0605)|(0.0612)|(0.0612)|(0.0614)|(0.0613)|(0.0606)|(0.0627)|(0.0634)|(0.0636)|(0.0638)|(0.0642)|
|∆ll(**oil)*STDebt/Assets**<br>|0.304|-0.472|-0.336|-0.292|-0.163|-0.0775|1.587|-0.556|-0.415|0.336|0.521|0.512|
||(0.846)|(0.975)|(0.928)|(0.965)|(1.072)|(1.092)|(1.836)|(1.097)|(1.108)|(1.470)|(1.681)|(1.686)|
|∆ll(**oil)*LTDebt/Assets**<br>|0.619***|0.444**|0.456*|0.441|0.405|0.424|1.334***|0.849***|0.788**|0.526|0.479|0.477|
||(0.191)|(0.213)|(0.232)|(0.266)|(0.265)|(0.277)|(0.379)|(0.324)|(0.350)|(0.342)|(0.344)|(0.348)|
|∆ll(oil)*Cash/Assets<br>|-0.196*|-0.146|-0.0942|-0.0798|-0.154|-0.137|-0.114|0.0254|0.112|0.359|0.257|0.255|
||(0.108)|(0.111)|(0.174)|(0.140)|(0.172)|(0.180)|(0.290)|(0.269)|(0.293)|(0.225)|(0.259)|(0.252)|
|∆ll(oil)*Beta<br>||0.132*|0.126*|0.124*|0.136*|0.140*||0.365***|0.375***|0.336***|0.352***|0.352***|
|||(0.0659)|(0.0688)|(0.0732)|(0.0762)|(0.0798)||(0.115)|(0.120)|(0.111)|(0.114)|(0.113)|
|∆ll(oil)*Market2Book<br>|||-0.0189|-0.0192|-0.0119|-0.00898|||-0.0323|-0.0367|-0.0265|-0.0268|
||||(0.0359)|(0.0355)|(0.0411)|(0.0406)|||(0.0478)|(0.0467)|(0.0538)|(0.0533)|
|∆ll(oil)*log(Assets)<br>||||0.00273|0.000368|0.000737||||0.0473**|0.0442**|0.0441**|
|||||(0.0148)|(0.0161)|(0.0164)||||(0.0205)|(0.0217)|(0.0213)|
|∆ll(oil)*Profitability<br>|||||0.541|0.544|||||0.730|0.730|
||||||(0.494)|(0.475)|||||(0.743)|(0.746)|
|∆ll(oil)*momentum||||||0.0303||||||-0.00291|
|||||||(0.0392)||||||(0.0667)|
|constant|yes|yes|yes|yes|yes|yes|yes|yes|yes|yes|yes|yes|
|_N_|5,203|5,203|5,082|5,082|5,082|5,082|5,203|5,203|5,082|5,082|5,082|5,082|
|r2|0.083|0.086|0.085|0.085|0.086|0.086|||||||
|Firm fixed effects|yes|yes|yes|yes|yes|yes|yes|yes|yes|yes|yes|Yes|

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