Testing static tradeoff against pecking order models of capital structure
Опубликовано на портале: 06-10-2004
Journal of Financial Economics.
1999.
Vol. 51.
No. 2.
P. 219-244.
Тематический раздел:
This paper tests traditional capital structure models against the alternative of
a pecking order model of corporate financing. The basic pecking order model, which
predicts external debt financing driven by the internal financial deficit, has much
greater time-series explanatory power than a static tradeoff model, which predicts
that each firm adjusts gradually toward an optimal debt ratio. We show that our tests
have the power to reject the pecking order against alternative tradeoff hypotheses.
The statistical power of some usual tests of the tradeoff model is virtually nil.
Статья рекомендуется в учебной программе Seminar in Corporate Finance (Howe J.S.)
Ссылки
текст статьи:http://www.sciencedirect.com/science?_ob=ArticleURL&_udi=B6VBX-3VM0FKW-3&_user=10&_handle=W-WA-A-A-Z-MsSAYWA-UUA-AUCAAYBBCA-WWUVBUZYY-Z-U&_fmt=summary&_coverDate=02%2F28%2F1999&_rdoc=3&_orig=browse&_srch=%23toc%235938%231999%23999489997%2350569!&_cdi=5938&view=c&_acct=C000050221&_version=1&_urlVersion=0&_userid=10&md5=2764ed46cd743d3ea4d90436e47ec588
Ключевые слова
capital structure corporate finance debt external корпоративные финансы структура капитала экономическая модель
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