메뉴 건너뛰기




Volumn 103, Issue 3, 2012, Pages 632-646

Cash flows and leverage adjustments

Author keywords

Adjustment costs; G32; Leverage; Speed of adjustment; Target

Indexed keywords


EID: 84855486957     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jfineco.2011.10.013     Document Type: Article
Times cited : (383)

References (37)
  • 2
    • 0033270858 scopus 로고    scopus 로고
    • Are there economies of scale in underwriting fees? Evidence of rising external costs
    • Altinkiliç O., Hansen R.S. Are there economies of scale in underwriting fees? Evidence of rising external costs. Review of Financial Studies 2000, 13:191-218.
    • (2000) Review of Financial Studies , vol.13 , pp. 191-218
    • Altinkiliç, O.1    Hansen, R.S.2
  • 3
    • 0041672312 scopus 로고    scopus 로고
    • Market timing and capital structure
    • Baker M., Wurgler J. Market timing and capital structure. Journal of Finance 2002, 57:1-32.
    • (2002) Journal of Finance , vol.57 , pp. 1-32
    • Baker, M.1    Wurgler, J.2
  • 5
    • 0001438979 scopus 로고    scopus 로고
    • Initial conditions and moment restrictions in dynamic panel data models
    • Blundell R., Bond S. Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics 1998, 87:115-143.
    • (1998) Journal of Econometrics , vol.87 , pp. 115-143
    • Blundell, R.1    Bond, S.2
  • 6
    • 0008560908 scopus 로고
    • Optimal financial policy and firm valuation
    • Brennan M., Schwartz E. Optimal financial policy and firm valuation. Journal of Finance 1984, 3:593-607.
    • (1984) Journal of Finance , vol.3 , pp. 593-607
    • Brennan, M.1    Schwartz, E.2
  • 7
    • 55949129366 scopus 로고    scopus 로고
    • How and when do firms adjust their capital structures toward targets?
    • Byoun S. How and when do firms adjust their capital structures toward targets?. Journal of Finance 2009, 63:3069-3096.
    • (2009) Journal of Finance , vol.63 , pp. 3069-3096
    • Byoun, S.1
  • 8
    • 68249140234 scopus 로고    scopus 로고
    • Target behavior and financing: How conclusive is the evidence?
    • Chang X., Dasgupta S. Target behavior and financing: How conclusive is the evidence?. Journal of Finance 2009, 64:1767-1796.
    • (2009) Journal of Finance , vol.64 , pp. 1767-1796
    • Chang, X.1    Dasgupta, S.2
  • 11
    • 29344460646 scopus 로고    scopus 로고
    • Does the source of capital affect capital structure?
    • Faulkender M., Petersen M. Does the source of capital affect capital structure?. Review of Financial Studies 2006, 19:45-79.
    • (2006) Review of Financial Studies , vol.19 , pp. 45-79
    • Faulkender, M.1    Petersen, M.2
  • 12
    • 84855512052 scopus 로고    scopus 로고
    • Corporate financial policy and the value of cash
    • Faulkender M., Wang R. Corporate financial policy and the value of cash. Journal of Finance 2006, 60:931-962.
    • (2006) Journal of Finance , vol.60 , pp. 931-962
    • Faulkender, M.1    Wang, R.2
  • 13
    • 84977723030 scopus 로고
    • Dynamic capital structure choice: theory and tests
    • Fisher E.O., Heinkel R., Zechner J. Dynamic capital structure choice: theory and tests. Journal of Finance 1989, 44:19-40.
    • (1989) Journal of Finance , vol.44 , pp. 19-40
    • Fisher, E.O.1    Heinkel, R.2    Zechner, J.3
  • 14
    • 84855518256 scopus 로고    scopus 로고
    • Estimating dynamic panels in corporate finance. Unpublished working paper, University of Florida and University of Kentucky.
    • Flannery, M., Hankins, K.W., 2011. Estimating dynamic panels in corporate finance. Unpublished working paper, University of Florida and University of Kentucky.
    • (2011)
    • Flannery, M.1    Hankins, K.W.2
  • 15
    • 32544454993 scopus 로고    scopus 로고
    • Partial adjustment toward target capital structures
    • Flannery M., Rangan K. Partial adjustment toward target capital structures. Journal of Financial Economics 2006, 79:469-506.
    • (2006) Journal of Financial Economics , vol.79 , pp. 469-506
    • Flannery, M.1    Rangan, K.2
  • 16
    • 70249108918 scopus 로고    scopus 로고
    • Capital structure decisions: Which factors are reliably important?
    • Frank M., Goyal V. Capital structure decisions: Which factors are reliably important?. Financial Management 2009, 38:1-37.
    • (2009) Financial Management , vol.38 , pp. 1-37
    • Frank, M.1    Goyal, V.2
  • 18
    • 0000318873 scopus 로고    scopus 로고
    • The theory and practice of corporate finance: evidence from the field
    • Graham J.R., Harvey C. The theory and practice of corporate finance: evidence from the field. Journal of Financial Economics 2001, 60:187-243.
    • (2001) Journal of Financial Economics , vol.60 , pp. 187-243
    • Graham, J.R.1    Harvey, C.2
  • 19
    • 15744398631 scopus 로고    scopus 로고
    • The role of target leverage in security issues and repurchases
    • Hovakimian A. The role of target leverage in security issues and repurchases. Journal of Business 2004, 77:1041-1072.
    • (2004) Journal of Business , vol.77 , pp. 1041-1072
    • Hovakimian, A.1
  • 21
    • 68949179799 scopus 로고    scopus 로고
    • Testing theories of capital structure and estimating the speed of adjustment
    • Huang R., Ritter J. Testing theories of capital structure and estimating the speed of adjustment. Journal of Financial and Quantitative Analysis 2009, 44:237-271.
    • (2009) Journal of Financial and Quantitative Analysis , vol.44 , pp. 237-271
    • Huang, R.1    Ritter, J.2
  • 22
    • 84855491525 scopus 로고    scopus 로고
    • Reconciling estimates of the speed of adjustment of leverage ratios. Unpublished working paper, Pennsylvania State University and Brown University.
    • Iliev, P., Welch, I., 2010. Reconciling estimates of the speed of adjustment of leverage ratios. Unpublished working paper, Pennsylvania State University and Brown University.
    • (2010)
    • Iliev, P.1    Welch, I.2
  • 23
    • 0037375927 scopus 로고    scopus 로고
    • Capital structure choice: macroeconomic conditions and financial constraints
    • Korajczyk R.A., Levy A. Capital structure choice: macroeconomic conditions and financial constraints. Journal of Financial Economics 2003, 68:75-109.
    • (2003) Journal of Financial Economics , vol.68 , pp. 75-109
    • Korajczyk, R.A.1    Levy, A.2
  • 24
    • 78249231716 scopus 로고    scopus 로고
    • The net benefits to leverage
    • Korteweg A.G. The net benefits to leverage. Journal of Finance 2010, 65:2137-2170.
    • (2010) Journal of Finance , vol.65 , pp. 2137-2170
    • Korteweg, A.G.1
  • 25
    • 65649105441 scopus 로고    scopus 로고
    • Bank loan supply, lender choice, corporate capital structure
    • Leary M. Bank loan supply, lender choice, corporate capital structure. Journal of Finance 2009, 64:1143-1185.
    • (2009) Journal of Finance , vol.64 , pp. 1143-1185
    • Leary, M.1
  • 26
    • 28244478078 scopus 로고    scopus 로고
    • Do firms rebalance their capital structures?
    • Leary M., Roberts M.R. Do firms rebalance their capital structures?. Journal of Finance 2005, 60:2575-2619.
    • (2005) Journal of Finance , vol.60 , pp. 2575-2619
    • Leary, M.1    Roberts, M.R.2
  • 27
    • 84855489240 scopus 로고    scopus 로고
    • Back to the beginning: persistence and the cross-section of corporate capital structure
    • Lemmon M., Roberts M., Zender J. Back to the beginning: persistence and the cross-section of corporate capital structure. Journal of Finance 2008, 60:2575-2619.
    • (2008) Journal of Finance , vol.60 , pp. 2575-2619
    • Lemmon, M.1    Roberts, M.2    Zender, J.3
  • 28
    • 0000604269 scopus 로고
    • Biases in dynamic models with fixed effects
    • Nickell S. Biases in dynamic models with fixed effects. Econometrica 1981, 49:1417-1426.
    • (1981) Econometrica , vol.49 , pp. 1417-1426
    • Nickell, S.1
  • 30
    • 0001447776 scopus 로고
    • Econometric issues in the analysis of regressions with generated regressors
    • Pagan A. Econometric issues in the analysis of regressions with generated regressors. International Economic Review 1984, 25:154-193.
    • (1984) International Economic Review , vol.25 , pp. 154-193
    • Pagan, A.1
  • 31
    • 58149365138 scopus 로고
    • Target behavior and financing: How conclusive is the evidence?
    • Pesaran M.H., Smith R. Target behavior and financing: How conclusive is the evidence?. Journal of Econometrics 1995, 68:79-113.
    • (1995) Journal of Econometrics , vol.68 , pp. 79-113
    • Pesaran, M.H.1    Smith, R.2
  • 32
    • 77951228191 scopus 로고    scopus 로고
    • How do pensions affect capital structure decisions?
    • Shivdasani A., Stefanescu I. How do pensions affect capital structure decisions?. Review of Financial Studies 2010, 23:1287-1323.
    • (2010) Review of Financial Studies , vol.23 , pp. 1287-1323
    • Shivdasani, A.1    Stefanescu, I.2
  • 33
    • 0000106113 scopus 로고    scopus 로고
    • Testing static tradeoff against pecking order models of capital structure
    • Shyam-Sunder L., Myers S. Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics 1999, 51:219-244.
    • (1999) Journal of Financial Economics , vol.51 , pp. 219-244
    • Shyam-Sunder, L.1    Myers, S.2
  • 34
    • 34547872054 scopus 로고    scopus 로고
    • Do tests of capital structure theory mean what they say?
    • Strebulaev I.A. Do tests of capital structure theory mean what they say?. Journal of Finance 2007, 62:1747-1787.
    • (2007) Journal of Finance , vol.62 , pp. 1747-1787
    • Strebulaev, I.A.1
  • 35
    • 34548849399 scopus 로고    scopus 로고
    • A dynamic model of optimal capital structure
    • Titman S., Tsyplakov S. A dynamic model of optimal capital structure. Review of Finance 2007, 11:401-451.
    • (2007) Review of Finance , vol.11 , pp. 401-451
    • Titman, S.1    Tsyplakov, S.2
  • 36
    • 1842842960 scopus 로고    scopus 로고
    • Capital structure and stock returns
    • Welch I. Capital structure and stock returns. Journal of Political Economy 2004, 106-131.
    • (2004) Journal of Political Economy , pp. 106-131
    • Welch, I.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.