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Cristin-resultat-ID:
2015965
Sist endret:
30. april 2022, 13:53
NVI-rapporteringsår:
2022
Resultat
Vitenskapelig artikkel
2022
Equity issues, creditor control and market timing patterns: Evidence from leverage decreasing recapitalizations
Michael Kisser
og
Loreta Rapushi
Tidsskrift
Tidsskrift
Journal of Empirical Finance
ISSN 0927-5398
e-ISSN 1879-1727
NVI-nivå 2
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Om resultatet
Om resultatet
Vitenskapelig artikkel
Publiseringsår: 2022
Publisert online: 2022
Volum: 67
Sider: 196 - 216
Lenker
Lenker
original online (doi)
https://doi.org/10.1016/j.jempfin.2022.03.007
Importkilder
Importkilder
Scopus-ID: 2-s2.0-85128407564
Beskrivelse
Beskrivelse
Engelsk
Tittel
Equity issues, creditor control and market timing patterns: Evidence from leverage decreasing recapitalizations
Sammendrag
We contribute to the literature on “market timing” by exploring periods of simultaneous equity issues and debt retirements (a leverage decreasing recapitalization, LDR). Contrary to traditional equity issues, LDRs are predicted by measures of creditor control whereas capital investment has no such predictive power. Nevertheless, LDRs occur after stock price run- ups and in periods of high valuation which subsequently decrease. The valuation dynamics are robust and also obtain for subsamples of LDR firms violating financial covenants. A comparison to debt retirements financed by illiquid asset sales and an analysis of discretionary cost items further corroborates the interpretation that LDR firms successfully “time the market” to finance the debt retirement.
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Bidragsytere
Bidragsytere
Michael Kisser
Forfatter
ved Institutt for regnskap, revisjon og foretaksøkonomi ved Handelshøyskolen BI
Loreta Rapushi
Forfatter
ved Institutt for finans ved Handelshøyskolen BI
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