Journal of Finance
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Выпуски:
Опубликовано на портале: 21-06-2006
Roberto Wessels, Sheridan Titman
Journal of Finance.
1988.
Vol. 43.
No. 1.
P. 1-20.
This paper analyzes the explanatory power of some of the recent theories of optimal
capital structure. The study extends empirical work on capital structure theory in
three ways. First, it examines a much broader set of capital structure theories,
many of which have not previously been analyzed empirically. Second, since the theories
have different empirical implications in regard to different types of debt instruments,
the authors analyze measures of short-term, long-term, and convertible debt rather
than an aggregate measure of total debt. Third, the study uses a factor-analytic
technique that mitigates the measurement problems encountered when working with proxy
variables.
