Miglo, Anton (2017) Timing of earnings and capital structure. North American Journal of Economics and Finance, 40. pp. 1-15.
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Abstract
This paper shows that asymmetric information about the timing of earnings can affect capital structure. It sheds new light on the following issues: why profitable firms may be interested in issuing equity and why debt does not necessarily signal a firm’s quality. These issues seem to be puzzling from the classical pecking-order theory or signalling theory point of view. The paper also contributes to the analysis of the link between capital structure choice and a firm’s expected performance (short-term and long-term). An empirical analysis confirms most of our theoretical results.
Item Type: | Article |
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Uncontrolled Keywords: | asymmetric information pecking-order theory signalling timing of earnings |
Faculty \ School: | Faculty of Social Sciences > School of Economics |
Related URLs: | |
Depositing User: | LivePure Connector |
Date Deposited: | 20 Oct 2021 03:28 |
Last Modified: | 21 Apr 2023 01:11 |
URI: | https://ueaeprints.uea.ac.uk/id/eprint/81788 |
DOI: | 10.1016/j.najef.2017.01.001 |
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