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Market Timing and Capital Structure
- THE JOURNAL OF FINANCE • VOL. LVII, NO. 1 • FEB. 2002
, 2002
"... It is well known that firms are more likely to issue equity when their market values are high, relative to book and past market values, and to repurchase equity when their market values are low. We document that the resulting effects on capital structure are very persistent. As a consequence, curren ..."
Abstract
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Cited by 427 (13 self)
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It is well known that firms are more likely to issue equity when their market values are high, relative to book and past market values, and to repurchase equity when their market values are low. We document that the resulting effects on capital structure are very persistent. As a consequence
Optimal Capital Structure, Endogenous Bankruptcy, and the Term Structure of Credit Spreads
- THE JOURNAL OF FINANCE, VOL. 51, NO. 3, PAPERS AND PROCEEDINGS OF THE FIFTY-SIXTH
, 1996
"... ..."
What Do We Know about Capital Structure? Some Evidence from International Data
- Journal of Finance
, 1995
"... We investigate the determinants of capital structure choice by analyzing the financing decisions of public firms in the major industrialized countries. At an aggregate level, firm leverage is fairly similar across the G-7 countries. We find that factors identified by previous studies as correlated i ..."
Abstract
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Cited by 1027 (15 self)
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We investigate the determinants of capital structure choice by analyzing the financing decisions of public firms in the major industrialized countries. At an aggregate level, firm leverage is fairly similar across the G-7 countries. We find that factors identified by previous studies as correlated
Corporate Debt Value, Bond Covenants, and optimal Capital Structure
- JOURNAL OF FINANCE
, 1994
"... ..."
Agency Costs, Risk Management, and Capital Structure
- JOURNAL OF FINANCE
, 1998
"... The joint determination of capital structure and investment risk is examined. Optimal capital structure reflects both the tax advantages of debt less default costs (Modigliani-Miller), and the agency costs resulting from asset substitution (Jensen-Meckling). Agency costs restrict leverage and debt m ..."
Abstract
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Cited by 321 (3 self)
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The joint determination of capital structure and investment risk is examined. Optimal capital structure reflects both the tax advantages of debt less default costs (Modigliani-Miller), and the agency costs resulting from asset substitution (Jensen-Meckling). Agency costs restrict leverage and debt
Testing Static Trade-Off against Pecking Order Models of Capital Structure
- Journal of Financial Economics
, 1999
"... This paper tests traditional capital structure models against the alternative of a pecking order model of corporate financing. The basic pecking order model, which predicts external debt financing driven by the internal financial deficit, has much greater timeseries explanatory power than a static t ..."
Abstract
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Cited by 321 (0 self)
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This paper tests traditional capital structure models against the alternative of a pecking order model of corporate financing. The basic pecking order model, which predicts external debt financing driven by the internal financial deficit, has much greater timeseries explanatory power than a static
Does the source of capital affect capital structure
- Review of Financial Studies
"... Prior work on leverage implicitly assumes capital availability depends solely on firm characteristics. However, market frictions that make capital structure relevant may also be associated with a firm’s source of capital. Examining this intuition, we find firms that have access to the public bond ma ..."
Abstract
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Cited by 196 (13 self)
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Prior work on leverage implicitly assumes capital availability depends solely on firm characteristics. However, market frictions that make capital structure relevant may also be associated with a firm’s source of capital. Examining this intuition, we find firms that have access to the public bond
An EBIT-based model of dynamic capital structure, forthcoming
- Journal of Business
, 2000
"... Most capital structure models assume that the decision of how much debt to issue is a static choice. In practice, however, firms adjust outstanding debt levels in response to changes in firm value. In this article, we ..."
Abstract
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Cited by 199 (10 self)
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Most capital structure models assume that the decision of how much debt to issue is a static choice. In practice, however, firms adjust outstanding debt levels in response to changes in firm value. In this article, we
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