Do Firms Rebalance Their Capital Structures?
实证检验企业在存在调整成本时是否动态调整资本结构，发现企业会主动将杠杆率维持在最优范围内，且冲击的持续效应更可能源于调整成本而非对资本结构的漠视。
ABSTRACT We empirically examine whether firms engage in a dynamic rebalancing of their capital structures while allowing for costly adjustment. We begin by showing that the presence of adjustment costs has significant implications for corporate financial policy and the interpretation of previous empirical results. After confirming that financing behavior is consistent with the presence of adjustment costs, we find that firms actively rebalance their leverage to stay within an optimal range. Our evidence suggests that the persistent effect of shocks on leverage observed in previous studies is more likely due to adjustment costs than indifference toward capital structure.