Leverage Levels and the Timing Element in Equity Issues: Empirical Evidence from the UK
A. Alti (2006), How persistent is the impact of market timing on capital structure, Journal of Finance 61, 1681–1710.
T. Anderson and C. Hsiao (1982), Formulation and estimation of dynamic models using panel data, Journal of Econometrics 18, 47–82.
M. Arellano and S. Bond (1991), Some tests of specification for panel data, Review of Economic Studies 58, 277–297.
M. Arellano and O. Bover (1995), Another look at the instrumental variable estimation of errorcomponents models, Journal of Econometrics 68, 29–51.
M. Baker and J. Wurgler (2002), Market timing and capital structure, Journal of Finance 57, 1–32.
J. Binsbergen, J. Graham and J. Yang (2010), The cost of debt, Journal of Finance 65, 2081–2136.
R. Blundell and S. Bond (1998), Initial conditions and moment restrictions in dynamic panel data models, Journal of Econometrics 87, 115–143.
D. Brounen, A. de Jong and K. Koedijk (2006), Capital structure policies in Europe: Survey evidence, Journal of Banking and Finance 30, 1409–1442.
S. Byoun (2008), How and when do firms adjust their capital structure towards targets? Journal of Finance 63, 3069–3096.
O. Camara (2012), Capital structure adjustment speed and macroeconomic conditions: US MNCs and DCs, International Research Journal of Finance and Economics 84, 106–120.
X. Chang, S. Dasgupta and S. Hillary (2006), Analyst coverage and financing decisions, Journal of Finance 61, 3009–3048.
R. D’Mello and P. Shroff (2000), Equity undervaluation and decisions related to repurchase tender offers, Journal of Finance 55, 2399–2425.
W. Elliott, J. Koeter-Kant and R. Warr (2007), A valuation-based test of market timing, Journal of Corporate Finance 13, 112–128.
W. Elliott, J. Koeter-Kant and R. Warr (2008), Market timing and the debt-equity choice, Journal of Financial Intermediation 17, 175–197.
R. Elsas and D. Florysiak (2011), Heterogeneity in the speed of adjustment toward target leverage, International Review of Finance 11, 181–211.
E. Fama and J. MacBeth (1973), Risk, return, and equilibrium: empirical tests, Journal of Political Economy 81, 607–636.
E. Fama and K. French (1997), Industry costs of equity, Journal of Financial Economics 43, 153–193.
E. Fama and K. French (2002), Testing the trade-off and pecking order predictions about dividends and debt, Review of Financial Studies 15, 1–33.
M. Faulkender, M. Flanery, K. Hankins and J. Smith (2012), Cash flow and leverage adjustments, Journal of Financial Economics 103, 632–646.
M. Flannery and K. Rangan (2006), Partial adjustment and target capital structure, Journal of Financial Economics 79, 469–506.
R. Haas and M. Peeters (2006), The dynamic adjustment towards target capital structures of firms in transition economies, Economics of Transition 14, 133–169.
L. Hansen (1982), Large sample properties of generalized methods of moments estimators, Econometrica 50, 1029–1054.
D. Hirshleifer, K. Hou and S. Teoh (2012), The accrual anomaly: Risk or mispricing? Management Science 58, 320–335.
A. Hovakimian, T. Opler and S. Titman (2001), The debt-equity choice, Journal of Financial and Quantitative Analysis 36, 1–24.
A. Hovakimian (2006), Are observed capital structures determined by equity market timing? Journal of Financial and Quantitative Analysis 41, 221–243.
A. Hovakimian and G. Li (2011), In search of conclusive evidence: How to test for adjustment to target capital structure, Journal of Corporate Finance 17, 33–44.
C. Hsiao (1985), Benefits and limitations of panel data, Econometric Reviews 4, 121–174.
R. Huang and J. Ritter (2009), Testing the theories of capital structure and estimating the speed of adjustment, Journal of Financial and Quantitative Analysis 44, 237–271.
H. Hussain (2014), Do firms time the equity market in a non-linear manner? Empirical evidence from the UK, International Journal of Business and Finance Research 8, 63–74.
H. Hussain and N. Jabarullah (2013), Non-linearity in timing the equity market and debt-equity choice of UK firms, Journal of Business and Management 13, 18–25.
M. Leary and M. Roberts (2005), Do firms rebalance their capital structure? Journal of Finance 60, 2575–2619.
C. Lee, J. Myers and B. Swaminathan (1999), What is the intrinsic value of the Dow? Journal of Finance 54, 1693–1741.
J. MacKie-Mason (1990), Do taxes affect corporate financing decisions? Journal of Finance 45, 1471–1493.
O. Oztekin and M. Flannery (2012), Institutional determinants of capital structure adjustment speeds, Journal of Financial Economics 103, 88–112.
W. Rogers (1993), Regression standard errors in clustered samples, Stata Technical Bulletin 13, 19–23.
M. Rhodes-Kropf, D. Robinson and S. Viswyanathan (2005), Valuation waves and merger activity, Journal of Financial Economics 77, 561–603.
R.Warr,W. Elliott, J. Koeter-Kant and O. Oztekin (2012), Equity mispricing and leverage adjustment costs, Journal of Financial and Quantitative Analysis 47, 589–616.
H. White (1980), A heteroskedastic-consistent covariance matrix estimator and a direct test of heteroskedasticity, Econometrica 48, 817–838.
F. Windmeijer, (2005), A finite sample correction for the variance of linear efficient two-step GMM estimators, Journal of Econometrics 126, 25–51.
eISSN 0975-5748; pISSN 0974-875X