bear英语怎么读
女女怎么搞The Debt-Equity Choice
局域网不能访问期刊名称： Journal of Financial & Quantitative Analysiscad输出图片
元叙事作者： Armen Hovakimian, Tim Opler and Sheridan Titmanalso
年份： 2001年
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期号： 第1期
关键词： capital structure;institutional characteristics;cash flow;free cash flow
摘要：When firms adjust their capital structures, they tend to move toward a target debt ratio that is consistent with theories bad on tradeoffs between the costs and benefits of debt. In contrast to previous empirical work, out tests explicitly account for the fact that firms may face impediments to movements toward their target ratio, and that the target ratio may change over time as the firm's profitability and stock price change. A parate analysis of the size of the issue and repurcha transactions suggests that the deviation between the actual and the target ratios plays a more importan
t role in the repurcha decision than in the issuance decision.
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