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A New Test of Capital Structure.

Abstract:

This Paper reports a new test of capital structure theories. It uses a filtering technique to identify large investment spikes. We find that the spikes are predominantly financed with debt by large firms and by new equity by small loss-making firms. In the process, firms move significantly away from their previous capital structures but then revert back to them by making frequent issues of small amounts of equity. Neither the pecking order nor the trade-off theories on their own provide satis...

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Volume:
4239
Publication date:
2004-01-01
URN:
uuid:2cf1986f-c7de-4354-b7fb-f9f98f873eb1
Local pid:
oai:economics.ouls.ox.ac.uk:11715
Language:
English

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