Market Timing and Capital Structure  

Oleh:

Baker, Malcolm ; Wurgler, Jeffrey

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 57 no. 1 (2002), page 1-32.
Topik: capital; studies; corporate finance; equity; capital structure; market value
Fulltext: p 1.pdf (168.63KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.5 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

It is well known that firms are more likely to issue equity when their market values are high, relative to book and past market values, and to repurchase equity when their market values are low. We document that the resulting effects on capital stucture are very persistent. As a consequence, current capital structure is strongly related to historical market values. The results suggest the theory theat capital structure is the cumulative outcome of past attempts to time the equity market.

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