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The Impact and Persistence Of Equity Market Timing Attempts On Capital Structure

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Año de publicación 2021
Idioma Inglés

Descripción: Abstract: This work examines the existence of equity market timing attempts along with their short and long-term impacts on capital structure. Further dimensions of equity market timing are assessed in this study by comparing results across emerging and developed markets as well as between regions. In addition, this work examines market timing attempts via Initial Public Offerings as well as through subsequent equity issues. This study also aims at reconciling the findings from three main econometric approaches under the framework of equity market timing; cross-sectional estimations and panel data models are compared to assess the consistency of the findings, additionally, a 2-stage model is implemented to evaluate the existence of leverage targets and to further decant deviations from said objectives. At last, this work finds evidence in favour of long-term impacts on leverage derived from equity market timing for firms in emerging markets. On the contrary, firms from developed markets do not display persistent impacts -as well as weak effects in the short-run- from equity timing on their capital structure. The results from this study are consistent with the narrative in favour of considering equity market timing as a reason for managers to deviate from their leverage targets. Capital structure does not appear to be the sole outcome of previous market timing attempts.
Citación recomendada (normas APA)
: Luis Fernando Pineda Domínguez, "The Impact and Persistence Of Equity Market Timing Attempts On Capital Structure", Colombia:-, 2021. Consultado en línea en la Biblioteca Digital de Bogotá (https://www.bibliotecadigitaldebogota.gov.co/resources/3711569/), el día 2025-05-02.

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- Otros
- Economía
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Fuente Biblioteca Virtual Banco de la República
Términos y condiciones de uso Más información aquí
Año de publicación 2021
Formato PDF
Cobertura Colombia

The Impact and Persistence Of Equity Market Timing Attempts On Capital Structure

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