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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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 | ||||||
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| Identification Number: | https://doi.org/10.1016/j.najef.2017.01.001 | ||||||
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| 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 |
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| Divisions: | Faculty of Business, Law and Social Sciences > College of Accountancy, Finance and Economics Faculty of Business, Law and Social Sciences > College of Business, Digital Transformation & Entrepreneurship |
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| Depositing User: | Anton Miglo | ||||||
| Date Deposited: | 03 Aug 2018 09:55 | ||||||
| Last Modified: | 20 Jun 2024 12:06 | ||||||
| URI: | https://www.open-access.bcu.ac.uk/id/eprint/6202 |
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