Timing of Earnings and Capital Structure

Miglo, Anton (2017) Timing of Earnings and Capital Structure. North American Journal of Economics and Finance, 40. pp. 1-15. ISSN 1062-9408

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Abstract

This paper shows that asymmetric information about the timing of earnings can affect corporate capital structure. It sheds new light on the following issues: why profitable firms may be interested in issuing equity and why debt does not necessarily signal a firm's quality. These issues seem to be puzzling from the classical pecking-order theory or signalling theory point of view. The paper also contributes to the analysis of the link between capital structure choice and a firm's expected performance (short-term and long-term). An empirical analysis confirms most of our theoretical results.

Item Type:	Article
Identification Number:	10.1016/j.najef.2017.01.001
Dates:	Date Event 2 January 2017 Accepted 18 January 2017 Published Online
Subjects:	CAH15 - social sciences > CAH15-02 - economics > CAH15-02-01 - economics CAH17 - business and management > CAH17-01 - business and management > CAH17-01-02 - business studies CAH17 - business and management > CAH17-01 - business and management > CAH17-01-04 - management studies CAH17 - business and management > CAH17-01 - business and management > CAH17-01-07 - finance
Divisions:	Business School > Accountancy, Finance and Economics Business School > Management, Business and Marketing Law and Social Sciences > Criminology and Sociology > Criminology Law and Social Sciences > Criminology and Sociology > Sociology
Depositing User:	Anton Miglo
Date Deposited:	03 Aug 2018 09:55
Last Modified:	04 Aug 2025 13:00
URI:	https://www.open-access.bcu.ac.uk/id/eprint/6202

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