The Debt-Equity Choice
研究企业调整资本结构时如何向目标债务比率移动，考虑盈利和股价变化对目标比率的影响，并发现实际与目标比率的偏差对回购决策比发行决策更重要。
When firms adjust their capital structures, they tend to move toward a target debt ratio that is consistent with theories based on tradeoffs between the costs and benefits of debt. In contrast to previous empirical work, out tests explicitly account for the fact that firms may face impediments to movements toward their target ratio, and that the target ratio may change over time as the firm's profitability and stock price change. A separate analysis of the size of the issue and repurchase transactions suggests that the deviation between the actual and the target ratios plays a more important role in the repurchase decision than in the issuance decision.