How Persistent is The Impact of Market Timing on Capital Structure ?  

Oleh:

Alti, Aydogan

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 61 no. 4 (Agu. 2006), page 1681-1710.
Topik: market; studies; impact analysis; securities markets; capital structure; corproate finance; market timing; regression analysis; initial public offerings
Fulltext: p 1681.pdf (240.25KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This paper examines the capital structure implications of market timing. I isolate timing attempts in a single major financing event, the initial public offering. by identifying market timers as firms that go public in hot issue markets. i find that hot market IPO firms issue substantially more equity, and lower their leverage ratios by more, than cold - market firms do. However immediately after going public, hot market firms increase their leverage ratios by issuing more debt and less equity relative to cold - market firms. At the end of the second year following the IPO, the impact of market timing on leverage completely vanishes.

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