Market timing and capital structure
Market timing and capital structure
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DOI：
10.1111/1540-6261.00414
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发表时间：
2002-02-01
影响因子：
8
通讯作者：
Wurgler, J
中科院分区：
文献类型：
--
作者：
Baker, M;Wurgler, J
众所周知，当公司的市场价值相对于账面价值和过去的市场价值较高时，公司更有可能发行股票，而当它们的市场价值较低时，公司更有可能回购股票。我们证明，由此产生的对资本结构的影响是非常持久的。因此，当前的资本结构与历史市场价值密切相关。研究结果表明，资本结构是过去对股票市场进行计时的累积结果。
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 structure are very persistent. As a consequence, current capital structure is strongly related to historical market values. The results suggest the theory that capital structure is the cumulative outcome of past attempts to time the equity market.