全球智库信息集成服务系统(G2TT): Firms' Histories and Their Capital Structures

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w10526
来源ID	Working Paper 10526
	Firms' Histories and Their Capital Structures
	Ayla Kayhan; Sheridan Titman
发表日期	2004-05-31
出版年	2004
语种	英语
摘要	This paper examines how cash flows, investment expenditures and stock price histories affect corporate debt ratios. Consistent with earlier work, we find that these variables have a substantial influence on changes in capital structure. Specifically, stock price changes and financial deficits (i.e., the amount of external capital raised) have strong influences on capital structure changes, but in contrast to previous conclusions, we find that their effects are subsequently at least partially reversed. These results indicate that although a firm's history strongly influence their capital structures, that over time, financing choices tend to move firms towards target debt ratios that are consistent with the tradeoff theories of capital structure.
主题	Financial Economics ; Corporate Finance
URL	https://www.nber.org/papers/w10526
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/568155
推荐引用方式 GB/T 7714	Ayla Kayhan,Sheridan Titman. Firms' Histories and Their Capital Structures. 2004.