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Timing of earnings and capital structure

Miglo, A

Authors

A Miglo



Abstract

This paper shows that asymmetric information about the timing of earnings can affect capital structure. It sheds new light on the following issues: why profitable firms may be interested in issuing equity and why debt does not necessarily signal a firm’s quality. These issues seem to be puzzling from the classical pecking-order theory or signalling theory point of view. The paper also contributes to the analysis of the link between capital structure choice and a firm’s expected performance (short-term and long-term). An empirical analysis confirms most of our theoretical results.

Citation

Miglo, A. (2017). Timing of earnings and capital structure. North American Journal of Economics and Finance, 40, 1-15. https://doi.org/10.1016/j.najef.2017.01.001

Journal Article Type Article
Acceptance Date Jan 2, 2017
Online Publication Date Jan 18, 2017
Publication Date Apr 1, 2017
Deposit Date May 25, 2021
Journal The North American Journal of Economics and Finance
Print ISSN 1062-9408
Publisher Elsevier
Volume 40
Pages 1-15
DOI https://doi.org/10.1016/j.najef.2017.01.001
Publisher URL https://doi.org/10.1016/j.najef.2017.01.001
Related Public URLs http://www.elsevier.com/wps/product/cws_home/620163/description
Additional Information Access Information : The Accepted Manuscript of this article is available Open Access at http://www.open-access.bcu.ac.uk/6202/1/MigloNAJEFRevised-pastminor2.pdf


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