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我们毕业啦其实是答辩的标题地方MarketTimingandCapitalStructureMalcolmBakerandJefferyWurglerJournalofFinancePresentedbyDorisLYU;Dec14,2015
OverviewBackgroundDataStatisticsDiscussionsConclusionsCONTANTS
Overview
OverviewBackgroundDataStatisticsDiscussionsConclusionThispaperdocumentshowequitymarkettimingaffectscapitalstructureandthattheinfluenceofpastmarketvaluationsoncapitalstructureisalsoquitepersistent,whicharticulatesthetheorythatcapitalstructureisthecumulativeeofpastattemptstotimetheequitymarket,accordingtomarkettimingtheory.TheyinvestigatetherelationshipbetweencapitalstructureandthehistoricalpathofmarkettobookratiothroughdataofCMPUSTATfirmsandseveralregressionmodels.Theydiscusstheresultsandcomparethemwiththemaincapitalstructuretheories—Trade-offtheory,Peckingordertheory,ManagerialentrenchmenttheoryandMarkettimingtheory.“”
Background
论文绪论研究背景研究方法研究结果问题讨论论文总结First,firmstendtoissueequityinsteadofdebtwhenmarketvalueishigh,relativetobookvalueandpastmarketvalues,andtendtorepurchaseequitywhenmarketvalueislow.Second,analysesoflong-runstockreturnsfollowingcorporatefinancedecisionssuggestthatequitymarkettimingissuccessfulonaverage.Third,firmstendtoissueequityattimeswheninvestorsarerathertooenthusiasticaboutearningsprospects.Fourth,andperhapsmostconvincing,“theamountbywhichourstockisundervaluedorovervaluedwasanimportantorveryimportantconsideration”inissuingequity.OverviewDataStatisticsDiscussionsConclusionsBackground
DataStatistics
COMPUSTAT(RitterSDCdata)firmsforwhichwecoulddeterminetheIPOdate;Between1986and1999;ExcludefinancialfirmswithanSICcodebetween6000and6999;Excludefirmswithaminimumbookvalueofassetsbelow$10million;ExcludefirmswithoutcompletedataontotalassetsbetweentheIPOyearandtheyearthefirmexitsCOMPUSTAT;Excludeind
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