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| Tekijä: | Leary, M.T. Roberts, M.R. |
| Otsikko: | The pecking order, debt capacity, and information asymmetry |
| Lehti: | Journal of Financial Economics
2010 : MAR, VOL. 95:3, p. 332-355 |
| Asiasana: | capital structure of companies asymmetric information securities debt models |
| Kieli: | eng |
| Tiivistelmä: | Using a novel empirical model and testing strategy addressing statistical power concerns with previous tests, this paper quantifies the empirical relevance of the pecking order (hereafter as: p-o.) hypothesis. The p-o. is can never accurately classify more than half of the observed financing decisions, undepending of the interpretation of the hypothesis. However, expanding the model to include more factors, the model's predictive accuracy increases dramatically, accurately classifying over 80 percent of the observed debt and equity issuances. Finally, it is shown that the p-o. behaviour that can be found in the data is driven more by incentive conflicts, as opposed to information asymmetry. |
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