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Testing static trade-off against pecking order models of capital structure

Author: Lakshmi Shyam-Sunder; Stewart C Myers; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, [1994]
Series: Working paper series (National Bureau of Economic Research), working paper no. 4722.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: This paper tests traditional capital structure models against the alternative of a pecking order model of corporate financing. The basic pecking order model, which predicts external debt financing driven by the internal financial deficit, has much greater explanatory power than a static trade-off model which predicts that each firm adjusts toward an optimal debt ratio. We show that the power of some usual  Read more...
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Additional Physical Format: Print version:
Shyam-Sunder, Lakshmi.
Testing static trade-off against pecking order models of capital structure.
Cambridge, MA : National Bureau of Economic Research, [1994]
(OCoLC)30574903
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Lakshmi Shyam-Sunder; Stewart C Myers; National Bureau of Economic Research.
OCLC Number: 70049086
Notes: "April 1994."
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2011. MiAaHDL
Description: 1 online resource (32 pages) : illustrations.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 4722.
Responsibility: Lakshmi Shyam-Sunder, Stewart C. Myers.

Abstract:

Abstract: This paper tests traditional capital structure models against the alternative of a pecking order model of corporate financing. The basic pecking order model, which predicts external debt financing driven by the internal financial deficit, has much greater explanatory power than a static trade-off model which predicts that each firm adjusts toward an optimal debt ratio. We show that the power of some usual tests of the trade-off model is virtually nil. We question whether the available empirical evidence supports the notion of an optimal debt ratio.

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