Proactive Capital Structure Adjustments: Evidence from Corporate Filings
利用从公司申报文件中手工收集的新数据，研究企业资本结构调整的驱动因素，发现许多杠杆变化非企业主动控制或调整成本极低，表明主动调整频率低于先前研究。
Abstract We use new hand-collected data from corporate filings to study the drivers of corporate capital structure adjustment. Classifying firms by their adjustment frequencies, we reveal previously unknown patterns in their reasons for financing and the financial instruments used. Some are consistent with existing theory, whereas others are understudied. Many leverage changes are outside of the firm’s control (e.g., executive option exercise) or incur negligible adjustment costs (e.g., credit-line usage). This implies a lower frequency of proactive leverage adjustments than indicated by prior research using accounting data, suggesting that costs of adjustment are higher, or the benefits lower, than previously thought.