Blar i BI Open på forfatter "Kisser, Michael"
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Equity issues, creditor control and market timing patterns: evidence from leverage decreasing recapitalizations
Kisser, Michael; Rapushi, Loreta (Peer reviewed; Journal article, 2022)We contribute to the literature on “market timing” by exploring periods of simultaneous equity issues and debt retirements (a leverage decreasing recapitalization, LDR). Contrary to traditional equity issues, LDRs are ... -
The leverage-profitability puzzle resurrected
Eckbo, B. Espen; Kisser, Michael (Journal article; Peer reviewed, 2020)With zero capital structure rebalancing costs, dynamic trade-off theory predicts that firms stay at their leverage targets with more profitable firms staying at higher leverage. This prediction is rejected by the robustly ... -
The leverage-profitability puzzle resurrected
Eckbo, B. Espen; Kisser, Michael (Journal article; Peer reviewed, 2020)With zero capital structure rebalancing costs, dynamic trade-off theory predicts that firms stay at their leverage targets with more profitable firms staying at higher leverage. This prediction is rejected by the robustly ... -
Tradeoff Theory and Leverage Dynamics of High-Frequency Debt Issuers
Eckbo, B. Espen; Kisser, Michael (Journal article; Peer reviewed, 2020)We test whether high-frequency net-debt issuers (HFIs)—public industrial companies with relatively low issuance costs and high debt-financing benefits—manage leverage toward long-run targets. Our answer is they do not: (1) ...