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Firms' Histories and Their Capital Structure.pdf
- We investigate how firms cash flow, investment and stock price histories affect their debt ratios. In particular, we examine the pecking order effect, which predicts a positive relation between a firm s past financial deficit (the amount raised externally) and leverage ratios, and the timing effect, which suggests that firms that raise external capital when they have high stock prices have lower leverage ratios. Consistent with earlier work, we find that financial deficits have a positive effect on debt ratios; however, our results indicate that this effect holds only for firms with relatively low market to book ratios and only when there is a positive financial deficit. We also find evidence of a timing effect, however, in contrast to earlier work, this effect dissipates relatively quickly. Although financial deficits have long-term effects on debt ratios, there seems to be strong evidence that over 5 year intervals, debt ratios move towards their target debt ratios.
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The financing behaviour of listed Chinese firms.pdf
- The financing behaviour of listed Chinese firmsThe financing behaviour of listed Chinese firmsThe financing behaviour of listed Chinese firms
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Export Subsidies in a Heterogeneous Firms Framework.pdf
- ExportSubsidies HeterogeneousFirms Framework Christian Helmers (Wolfson College, University Oxford)N
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Strategy of firms in unstable institutional environments.pdf
- Strategy of firms in unstable institutional environmentsStrategy of firms in unstable institutional environmentsStrategy of firms in unstable institutional environments
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Determinants of product innovation in small firms.pdf
- Determinants of product innovation in small firmsDeterminants of product innovation in small firmsDeterminants of product innovation in small firms
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Do peer firms affect corporate financial policy.pdf
- Do peer firms affect corporate financial policy
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Domestic Income Shifting by Chinese Listed Firms.pdf
- Domestic Income Shifting by Chinese Listed Firms
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Multi-Product Firms and Exchange Rate Fluctuations.pdf
- Multi-Product Firms and Exchange Rate Fluctuations
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Does industry-wide distress affect defaulted firms.pdf
- Does industry-wide distress affect defaulted firmsDoes industry-wide distress affect defaulted firmsDoes industry-wide distress affect defaulted firms
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