Underinvestment or Overinvestment: The Effects of Financial Leverage on Investment
研究现金流、投资支出和股价历史如何影响债务比率，发现这些变量对资本结构变化有显著影响，但长期来看其效应部分逆转，表明企业资本结构趋向目标债务比率。
This paper examines how cash flows, investment expenditures and stock price histories affect debt ratios. Consistent with earlier work, we find that these variables have a substantial influence on changes in capital structure. Specifically, stock price changes and financial deficits (i.e., the amount of external capital raised) have strong influences on capital structure changes, but in contrast to previous conclusions, we find that over long horizons their effects are partially reversed. These results indicate that although firms' histories strongly influence their capital structures, over time their capital structures tend to move towards target debt ratios that are consistent with the tradeoff theories of capital structure.