search query: @author Jung, K. / total: 4
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Author: | Jung, K. Kim, Y. - C. Stulz, R. M. |
Title: | Timing, investment opportunities, managerial discretion and the security issue decision |
Journal: | Journal of Financial Economics
1996 : OCT, VOL. 42:2, p. 159-185 |
Index terms: | SECURITIES EQUITY CAPITAL DEBT |
Language: | eng |
Abstract: | This paper investigates the ability of the pecking-order model, the agency model, and the timing model to explain firm's decisions whether to issue debt or equity, the stock price reaction to their decisions, and their actions afterward. We find strong support for the agency model. Firms often depart from the pecking order because of agency considerations. We fail to find support for the timing model. |
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