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- W4309468611 abstract "This study examines the relationship between capital structure choices and investor and managerial sentiment, finding that periods of positive sentiment are associated with reduced leverage within firms. We focus on the cyclicality of leverage using non‐orthogonalized sentiment indices and find a strong negative relationship. Leverage, therefore, appears countercyclical, implying that the decision to take on debt is a consequence of either Admati et al .'s (2018) ratchet effect or a managerial attempt to time the market. Our findings lead us to question some fundamental capital structure theories, namely, trade‐off (Kraus and Litzenberger, 1973), and Hackbarth's (2008) managerial traits theory. Instead, we favour the idea that leverage is a consequence of countercyclical market timing behaviour." @default.
- W4309468611 created "2022-11-28" @default.
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- W4309468611 date "2022-11-18" @default.
- W4309468611 modified "2023-10-12" @default.
- W4309468611 title "Disentangling Sentiment from Cyclicality in Firm Capital Structure" @default.
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- W4309468611 doi "https://doi.org/10.1111/abac.12274" @default.
- W4309468611 hasPublicationYear "2022" @default.
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