haku: @author Titman, S. / yhteensä: 29
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| Tekijä: | Kayhan, A. Titman, S. |
| Otsikko: | Firms' histories and their capital structures |
| Lehti: | Journal of Financial Economics
2007 : JAN, VOL. 83:1, p. 1-32 |
| Asiasana: | finance capital structure of companies stock markets prices history |
| Vapaa asiasana: | deficit market timing pecking order |
| Kieli: | eng |
| Tiivistelmä: | 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. |
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