Errata: Publish or Perish: What the Competition is Really Doing
本文是对《资本结构理论》一文的勘误,指出其中三张表格错误报告了Long和Malitz关于杠杆与盈利关系的研究结果,实际应为负相关而非正相关。
In the article Theory of Capital Structure, by Milton Harris and Artur Raviv (The Journal of Finance, March 1991, vol. 46, no. 1, pp. 297-355) there is an error in Tables IV, V, and VII concerning the description of results reported in Investment-Financing Nexus: Some Empirical Evidence, by Michael Long and Ileen Malitz (Midland Corporate Finance Journal, 1985). While the text of Theory of Capital Structure (p. 334) correctly states that Long and Malitz find a negative relationship between leverage and profitability, in Tables IV, V, and VII, a positive, but insignificant, relationship is incorrectly reported. The authors apologize for this error and thank Professor Michael Long of Rutgers University for bringing it to their attention.