A Miglo
Timing of earnings and capital structure
Miglo, A
Authors
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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