Top of page

Book/Printed Material Firms' histories and their capital structures

View Enlarged Image

About this Item

Title

  • Firms' histories and their capital structures

Summary

  • "This paper examines how cash flows, investment expenditures and stock price histories affect corporate debt ratios. Consistent with earlier work, we find that these variables have a substantial influence on changes in capital structure. Specifically, stock price changes and financial deficits (i.e., the amount of external capital raised) have strong influences on capital structure changes, but in contrast to previous conclusions, we find that their effects are subsequently at least partially reversed. These results indicate that although a firm's history strongly influence their capital structures, that over time, financing choices tend to move firms towards target debt ratios that are consistent with the tradeoff theories of capital structure"--National Bureau of Economic Research web site.

Names

  • Kayhan, Ayla
  • Titman, Sheridan
  • National Bureau of Economic Research

Created / Published

  • Cambridge, MA : National Bureau of Economic Research, c2004.

Headings

  • -  Capital investments
  • -  Corporations--Finance
  • -  Debt

Notes

  • -  Title from PDF file as viewed on 1/12/2005.
  • -  Includes bibliographical references.
  • -  Also available in print.
  • -  Mode of access: World Wide Web.
  • -  System requirements: Adobe Acrobat Reader.

Call Number/Physical Location

  • HB1

Digital Id

Library of Congress Control Number

  • 2005615777

Access Advisory

  • Unrestricted online access

Online Format

  • image
  • pdf

Additional Metadata Formats

Rights & Access

More about Copyright and other Restrictions

For guidance about compiling full citations consult Citing Primary Sources.

Cite This Item

Citations are generated automatically from bibliographic data as a convenience, and may not be complete or accurate.

Chicago citation style:

Kayhan, Ayla, Sheridan Titman, and National Bureau Of Economic Research. Firms' Histories and Their Capital Structures. Cambridge, MA: National Bureau of Economic Research, 2004. Pdf. https://www.loc.gov/item/2005615777/.

APA citation style:

Kayhan, A., Titman, S. & National Bureau Of Economic Research. (2004) Firms' Histories and Their Capital Structures. Cambridge, MA: National Bureau of Economic Research. [Pdf] Retrieved from the Library of Congress, https://www.loc.gov/item/2005615777/.

MLA citation style:

Kayhan, Ayla, Sheridan Titman, and National Bureau Of Economic Research. Firms' Histories and Their Capital Structures. Cambridge, MA: National Bureau of Economic Research, 2004. Pdf. Retrieved from the Library of Congress, <www.loc.gov/item/2005615777/>.