In the model with excessive frictions, equity issuance prices are 10 occasions larger $(\lambda=2)$ and recuperation submit-default is the same as 0 (⁠$\varepsilon=1$⁠). They discover that B2B firms are extra usually at a right stage of promoting and R&D spending in comparison with B2C corporations, which often underspend on R&D and overspend on advertising throughout recessions.