Heterogeneity in the Speed of Capital Structure Adjustment across Countries and over the Business Cycle
研究利用双截尾Tobit模型分析跨国样本中资本结构调整速度的异质性，发现年度调整速度约为25%，且在经济衰退期调整更慢，尤其对市场主导型国家中的融资约束企业影响显著。
Abstract This study analyses the heterogeneity in the speed of capital structure adjustment. Using a doubly‐censored Tobit estimator that accounts for mechanical mean reversion in leverage ratios, the speed of adjustment is 25% per year in a large international sample, supporting the economic relevance of the trade‐off theory. Differences in the adjustment speed across financial systems are attributable to differences in the costs of adjustment. Macroeconomic and micro‐level supply‐side constraints also affect the dynamics of leverage. Firms adjust more slowly during recessions, and the business cycle effect on adjustment speed is most pronounced for financially constrained firms in market‐based countries.