| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16199 |
| DP16199 Do capital structure models square with the dynamics of payout? | |
| Shiqi Chen; Bart Lambrecht | |
| 发表日期 | 2021-05-28 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We explore whether theoretically the target leverage and pecking order models can be reconciled with payout smoothing. Investment absorbs a significant part of income and asset volatility if the firm follows both a payout target and a net debt ratio (NDR) target. A positive (negative) NDR amplifies (dampens) shocks in assets. Slow adjustment towards the NDR target facilitates payout smoothing. Under strict pecking order financing, income shocks are absorbed primarily by changes in net debt. More payout smoothing implies a stronger negative relation between debt and net income. Shocks to assets in place need not affect current payout. |
| 主题 | Financial Economics |
| 关键词 | Payout smoothing Capital structure Pecking order model Leverage target |
| URL | https://cepr.org/publications/dp16199 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545170 |
| 推荐引用方式 GB/T 7714 | Shiqi Chen,Bart Lambrecht. DP16199 Do capital structure models square with the dynamics of payout?. 2021. |
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