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Full Description
The firm's capital structure - how it funds operations by raising capital from a variety of sources - has attracted considerable attention from both academics and practitioners. The empirical capital structure literature explores both the cross-sectional determinants of capital structure as well as time-series changes. Empirical Capital Structure reviews both aspects of this literature.
The book is organized around a simple framework that contains three key ingredients: the costs and benefits that determine a firm's capital structure; the existence of shocks that cause firms to deviate, at least temporarily, from their targets; the presence of factors that may prevent firms from constantly maintaining debt ratios that match their targets.
Empirical Capital Structure is organized as follows:
Section II discusses specification and econometric issues that will be important for many of the tests considered.
Section III reviews cross-sectional capital structure determinants.
Section IV explores factors that pull firms away from their leverage targets.
Section V discusses reasons why firms might not immediately reverse the effect of these leverage shocks, apparently allowing deviations from their targets to persist for extended periods of time.
Section VI explores a group of studies that look at how leverage feeds back into a firm's real business decisions.
Section VII concludes and provides suggestions for new research.
Contents
1 Introduction. 2 Econometric and Specification Issues. 3 The First Ingredient: Determinants of Target Leverage. 4 The Second Ingredient: Deviations from Target Leverage Ratios. 5. Capital Structure Changes. 6 Stakeholders, Competitive Strategy, and Investment. 7. Conclusion. References.
