How does industry affect firm financial structure?

Review of Financial Studies

Volumn 18, Issue 4, 2005, Pages 1433-1466

  MacKay, Peter ^a   Phillips, Gordon M ^b  

^a HONG KONG UNIVERSITY OF SCIENCE AND TECHNOLOGY   (Hong Kong)

^b UNIVERSITY OF MARYLAND   (United States)

Author keywords

Brain metastases; HRQoL; Stereotactic radiosurgery

Indexed keywords

EID: 27544451588     PISSN: 08939454     EISSN: 14657368     Source Type: Journal    
DOI: 10.1093/rfs/hhi032     Document Type: Review

References (51)

1. Almazan, A., and C. A. Molina, 2002, "Intra-Industry Capital Structure Dispersion: How Do Capital Structures Differ Among Competitors," mimeo, University of Texas at Austin.
2. Angrist, J. D., and A. B. Krueger, 2001, "Instrumental Variables and the Search for Identification: From Supply and Demand to Natural Experiments," Journal of Economic Perspectives, 15(4), 69-85.
3. Barclay, M. J., E. Morellec, and C. J. Smith, 2006, "On the Debt Capacity of Growth Options," forthcoming in Journal of Business.
4. Bertrand, M., and A. Schoar, 2001, "Managing with Style: The Effect of Managers on Firm Policies," mimeo, University of Chicago.
5. Bolton, P., and D. S. Scharfstein, 1990, "A Theory of Predation Based on Agency Problems in Financial Contracting," American Economic Revie, 80(1), 93-106.
6. Brander, J. A., and Lewis, T. R., 1988, "Bankruptcy Costs and the Theory of Oligopoly", Canadian Journal of Economics, 21(2), 221-243.
7. Bradley, M., G. A. Jarrell, and H. Kim, 1984, "On the Existence of an Optimal Financial Structure," Journal of Finance, 39(3), 857-878.
8. Brander, J. A., and T. Lewis, 1986, "Oligopoly and Financial Structure: The Limited Liability Effect," American Economic Review, 76(5), 956-970.
9. Chaplinsky, S., 1983, "The Economic Determinants of Leverage: Theories and Evidence," Unpublished Ph.D. Dissertation, University of Chicago.
10. Chevalier, J., 1995, "Debt and Product Market Competition: Local Market Entry, Exit, and Expansion Decisions of Supermarket Chains," American Economic Review, 85, 415-435.
11. Dammon, R., and L. Senbet, 1988, "The Effect of Taxes and Depreciation on Corporate Investment and Financial Leverage," Journal of Finance, 48(2), 357-373.
12. Fama, E. F., and K. R. French, 2002, "Testing Trade-Off and Pecking Order Predictions About Dividends and Debt," Review of Financial Studies, 15(1), 1-33.
13. Ferson, W., and S. Foerster, 1994, "Finite Sample Properties of the Generalized Method of Moments in Tests of Conditional Asset Pricing Models," Journal of Financial Economics, 36, 29-55.
14. Fischer, E. O., R. Heinkel, and J. Zechner, 1989, "Dynamic Capital Structure Choice: Theory and Tests," The Journal of Finance, 44(1), 19-40.
15. Frank, M., and V. K. Goyal, 2003, "Testing the Pecking Order Theory of Financial Structure," Journal of Financial Economics,67, 217-248.
16. Fries, S., M. Miller, and W. Perraudin, 1997, "Debt in Industry Equilibrium," Review of Financial Studies, 10(1), 39-67.
17. Graham, J., 1996, "Debt and the Marginal Tax Rate," Journal of Financial Economics, 41, 41-73.
18. Graham, J., 2000, "How Big Are the Tax Benefits of Debt?," Journal of Finance, 55, 1901-1941.
19. Graham, J. and C. Harvey, 2001, "The Theory and Practice of Corporate Finance: Evidence from the Field," Journal of Financial Economics, 60, 187-243.
20. Hansen, L. P., 1982, "Large Sample Properties of Generalized Method of Moments Estimators," Econometrica, 34, 646-660.
21. Harris, M., and A. Raviv, 1991, "The Theory of Financial Structure," Journal of Finance, 46, 297-355.
22. Hayashi, F., and T. Inoue, 1991, "The Relation between Firm Growth and Q with Multiple Capital Goods: Theory and Evidence from Panel Data on Japanese Firms," Econometrica, 59(3), 731-753.
23. Kim, W. S., and E. H. Sorensen, 1986, "Evidence on the Impact of the Agency Costs of Debt on Corporate Dept Policy," Journal of Financial and Quantitative Analysis, 21(2), 131-144.
24. Kovenock, D., and G. M. Phillips, 1995, "Increased Debt and Product-Market Rivalry: How Do We Reconcile Theory and Evidence," American Economic Review, 85(2), 403-408.
25. Kovenock, D., and G. M. Phillips, 1997, "Financial Structure and Product Market Behavior: An Examination of Plant Exit and Investment," Review of Financial Studies, 10(3), 767-804.
26. Leland, H., 1998, "Agency Costs, Risk Management, and Financial Structure," Journal of Finance, 53(4), 1213-1243.
27. Lipson, M. L., 1993, "The Coordination Role of Debt," mimeo, University of Michigan.
28. Lyandres, E., 2001, "Strategic Choices of Capital Structures in Oligopolies: Theory and Evidence," mimeo, University of Rochester.
29. MacKay, P., 2003, "Real Flexibility and Financial Structure: An Empirical Analysis," Review of Financial Studies, 16(4), 1131-1165.
30. Mauer, D. C., and A. J. Triantis, 1994, "Interactions of Corporate Financing and Investment Decisions," Journal of Finance, 49, 1253-1277.
31. Maksimovic, V., 1988, "Capital Structure in Repeated Oligopolies," Rand Journal of Economics, 19, 389-407.
32. Maksimovic, V., and G. M. Phillips, 1998, "Asset Efficiency and the Reallocation Decisions of Bankrupt Firms," Journal of Finance, 53, 1495-1532.
33. Maksimovic, V., and J. Zechner, 1991, "Debt, Agency Costs, and Industry Equilibrium," Journal of Finance, 46, 1619-1643.
34. Miller, M. H., 1977, "Debt and Taxes," Journal of Finance, 32, 261-275.
35. Myers, S., 1984, "The Financial Structure Puzzle," Journal of Finance, 39, 575-592.
36. Newey, W. K. and K. D. West, 1987, "A Simple, Positive Semi-Definite, Hetero-scedasticity and Autocorrelation Consistent Covariance Matrix," Econometrica, 55, 703-708.
37. Opler, T., and S. Titman, 1994, "Financial Distress and Corporate Performance," Journal of Finance, 49(3), 1015-1040.
38. Phillips, G. M., 1995, "Increased Debt and Industry Product Markets: An Empirical Analysis," Journal of Financial Economics, 37, 189-238.
39. Poitevin, M., 1989, "Financial Signalling and the "Deep-Pocket" Argument," Rand Journal of Economics, 20(1), 26-407.
40. Rajan, R. and L. Zingales, 1995, "What Do We Know about Financial Structure? Some Evidence from International Data," Journal of Finance, 50, 1421-1460.
41. Remmers, L., A. Stonehill, R. Wright, and T. Beekhuessen, 1974, "Industry and Size as Debt Ratio Determinants in Manufacturing Internationally," Financial Management, 3, 24-32.
42. Roberts, M., 2002, "The Dynamics of Capital Structure: An Empirical Analysis of a Partially Observable System," mimeo, Duke University.
43. Rotemberg, J. J., and D. S. Scharfstein, 1990, "Shareholder-Value Maximization and Product-Market Competition," Review of Financial Studies, 3(3), 367-391.
44. Shea, J., 1997, "Instrument Relevance in Multivariate Linear Models: A Simple Measure," Review of Economics and Statistics, 79(2), 348-352.
45. Shyam-Sunder, L., and S. C. Myers, 1999, "Testing Static Tradeoff against Pecking Order Models of Capital Structure," Journal of Financial Economics, 51, 219-244.
46. Spence, A. M., 1985, "Capital Structure and the Corporation's Product Market Environment," in B. Friedman (ed.), Corporate Capital Structures in the United States, University of Chicago Press, Chicago, 353-382.
47. Titman, S., and R. Wessels, 1988, "The Determinants of Financial Structure Choice," Journal of Finance, 41(1), 1-19.
48. U.S. Department of Justice and Federal Trade Commission, 1997, "Horizontal Merger Guidelines".
49. Welch, I., 2004, "Capital Structure and Stock Returns," Journal of Political Economy, 112, 106-131.
50. Williams, J., 1995, "Financial and Industrial Structure with Agency," Review of Financial Studies, 8(2), 431-474.
51. Whited, T. M., 1992, "Debt, Liquidity Constraints and Corporate Investment: Evidence from Panel Data," Journal of Finance, 47, 1425-1460.