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- W2275566908 abstract "We empirically test the market timing theory of capital structure of issuing behavior of UK firms and find that the debt-equity choice decision is non-linear. In line with the previous literature, we find that managers are more likely to issue equity (debt) when equities are overvalued (undervalued). In further analyzing the issuing pattern, we find that managers’ inclination towards equity issues during periods of overvaluation is non-linear as it is only significant during periods of slight overvaluation and insignificant during periods of excessive overvaluation. On the other hand, probabilities of issuing debt significantly increase only when equities are excessively undervalued. Our findings suggest that managers’ take into account other considerations when timing the equity market and poses some interesting questions on the viability of market timing as a stand-alone theory in explaining the capital structure puzzle." @default.
- W2275566908 created "2016-06-24" @default.
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- W2275566908 date "2013-09-14" @default.
- W2275566908 modified "2023-09-26" @default.
- W2275566908 title "Non-Linearity in Timing the Equity Market and Debt-Equity Choice of UK Firms" @default.
- W2275566908 hasPublicationYear "2013" @default.
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