Are Observed Capital Structures Determined by Equity Market Timing?
Preprint
- 1 January 2003
- preprint
- Published by Elsevier in SSRN Electronic Journal
- Vol. 41 (01)
- https://doi.org/10.2139/ssrn.413387
Abstract
Contrary to Baker and Wurgler (2002), we find that the importance of historical average market-to-book in leverage regressions is not due to past equity marketKeywords
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