Equity Mispricing and Leverage Adjustment Costs
研究发现权益错误定价会影响企业向目标杠杆调整的速度，且这种影响因企业是过度杠杆还是杠杆不足而不同，支持权益错误定价改变资本结构调整成本的观点。
Abstract We find that equity mispricing impacts the speed at which firms adjust to their target leverage (TL) and does so in predictable ways depending on whether the firm is over- or underlevered. For example, firms that are above their TL and should therefore issue equity (or retire debt) adjust more rapidly toward their target when their equity is overvalued. However, when a firm is undervalued but needs to reduce leverage, the speed of adjustment is much slower. Our findings support the role of equity mispricing as an important factor that alters the cost of making capital structure adjustments.