Market Timing and Capital Structure
发现公司倾向于在市场价值高时发行股票、低时回购，且这种时机选择对资本结构的影响非常持久，当前资本结构主要由历史市场价值决定。
ABSTRACT It is well known that firms are more likely to issue equity when their market values are high, relative to book and past market values, and to repurchase equity when their market values are low. We document that the resulting effects on capital structure are very persistent. As a consequence, current capital structure is strongly related to historical market values. The results suggest the theory that capital structure is the cumulative outcome of past attempts to time the equity market.