Two Essays on Empirical Tests Related to Capital Structure Theory
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Date
2014-12-02
Authors
Ma, Ning
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Abstract
This paper discusses capital structure theories, with special attention to partial-adjustment model. Strategic waiting theory of IPO firms and its relation to market timing theory are also discussed. Two empirical tests related to capital structure theory are included. First one is a test on the relation between a firm’s strategic waiting behavior in IPO market and its stock return. Second one is on the relation of a firm’s strategic waiting behavior in IPO market and its subsequent capital structure decision.
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Keywords
IPO, capital structure, strategic waiting theory, system GMM, dynamic panel, SOA, DPF