search query: @freeterm MARKET TIMING / total: 4
reference: 2 / 4
| Author: | Kayhan, A. Titman, S. |
| Title: | Firms' histories and their capital structures |
| Journal: | Journal of Financial Economics
2007 : JAN, VOL. 83:1, p. 1-32 |
| Index terms: | finance capital structure of companies stock markets prices history |
| Freeterms: | deficit market timing pecking order |
| Language: | eng |
| Abstract: | It is examined in this paper how debt ratios are affected by cash flows, investment expenditures, and stock price (here as: st-prs.) histories. Consistent with earlier work, it is found that these variables have a substantial influence on changes in capital structure (as: cap-str). Especially, st-prs. changes and financial deficits have strong influences on changes of cap-str. However, in contrast to previous conclusions, it is found that over long horizons their effects are partially reversed. |
SCIMA