Blar i Handelshøyskolen BI på emneord "G32 - Financing Policy"
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The leverage-profitability puzzle resurrected
(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
(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) ...