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

[img]
Preview
Text
MigloNAJEFRevised-pastminor2.pdf - Accepted Version

Download (275kB)

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: https://doi.org/10.1016/j.najef.2017.01.001
Dates:
DateEvent
2 January 2017Accepted
18 January 2017Published 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: Faculty of Business, Law and Social Sciences > Birmingham City Business School > Department of Accounting, Finance and Economics
Depositing User: Anton Miglo
Date Deposited: 03 Aug 2018 09:55
Last Modified: 12 Jan 2022 14:13
URI: https://www.open-access.bcu.ac.uk/id/eprint/6202

Actions (login required)

View Item View Item

Research

In this section...