| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w4722 |
| 来源ID | Working Paper 4722 |
| Testing Static Trade-off Against Pecking Order Models of Capital Structure | |
| Lakshmi Shyam-Sunder; Stewart C. Myers | |
| 发表日期 | 1994-04-01 |
| 出版年 | 1994 |
| 语种 | 英语 |
| 摘要 | This paper tests traditional capital structure models against the alternative of a pecking order model of corporate financing. The basic pecking order model, which predicts external debt financing driven by the internal financial deficit, has much greater explanatory power than a static trade-off model which predicts that each firm adjusts toward an optimal debt ratio. We show that the power of some usual tests of the trade-off model is virtually nil. We question whether the available empirical evidence supports the notion of an optimal debt ratio. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w4722 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/562116 |
| 推荐引用方式 GB/T 7714 | Lakshmi Shyam-Sunder,Stewart C. Myers. Testing Static Trade-off Against Pecking Order Models of Capital Structure. 1994. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w4722.pdf（568KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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