In search of conclusive evidence: How to test for adjustment to target capital structure

Simulation experiments show that both partial-adjustment and debt-equity choice models can generate spuriously significant estimates that are consistent with the hypothesis that firms have target debt ratios to which they periodically adjust. Regressions relying on full-sample fixed effects models o...

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Veröffentlicht in:	Journal of corporate finance (Amsterdam, Netherlands) Netherlands), 2011-02, Vol.17 (1), p.33-44
Hauptverfasser:	Hovakimian, Armen, Li, Guangzhong
Format:	Artikel
Sprache:	eng
Schlagworte:	Adjustment to target Capital structure Capital structure Target leverage Adjustment to target Hypotheses Leverage Regression analysis Simulation Studies Target leverage
Online-Zugang:	Volltext
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