Počet záznamů: 1
Asymmetries in the firm’s use of debt to changing market values
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SYSNO ASEP 0478435 Druh ASEP V - Výzkumná zpráva Zařazení RIV O - Ostatní Název Asymmetries in the firm’s use of debt to changing market values Tvůrce(i) Ferris, S. (US)
Hanousek, Jan (NHU-N) RID
Shamshur, Anastasiya (NHU-N) RID
Trešl, Jiří (NHU-N)Vyd. údaje London: Centre for Economic Policy Research, 2017 ISSN 0265-8003 Edice CEPR discussion paper series Č. sv. edice 12099 Poč.str. 32 s. Jazyk dok. eng - angličtina Země vyd. GB - Velká Británie Klíč. slova market leverage ; book leverage ; capital structure Vědní obor RIV AH - Ekonomie Obor OECD Finance CEP GA14-31783S GA ČR - Grantová agentura ČR Institucionální podpora NHU-N - RVO:67985998 Anotace Using a large sample of U.S. firms over the period, 1984 to 2013, this study examines the relation between market and book leverage ratios. Unlike Welch (2004) who contends that changes in market leverage do not induce adjustments in book leverage, we find an asymmetric effect. That is, firms adjust their book leverage relative to market leverage only when the changes in market leverage are due to increases in the value of the firm's equity. No adjustment is observed when firm equity values decrease. We observe a number of interesting differences between those firms that make large and small capital structure adjustments in response to changing equity prices. Our results are consistent with Barclay, Morellec and Smith (2006) who argue that the optimal level of debt decreases in the presence of corporate growth options. Pracoviště Národohospodářský ústav Kontakt Tomáš Pavela, pavela@cerge-ei.cz, Tel.: 224 005 122 Rok sběru 2019
Počet záznamů: 1