Timing of earnings and capital structure

Miglo, A ORCID: https://orcid.org/0000-0002-9237-5293 2017, 'Timing of earnings and capital structure' , The North American Journal of Economics and Finance, 40 , pp. 1-15.

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Access Information: The Accepted Manuscript of this article is available Open Access at http://www.open-access.bcu.ac.uk/6202/1/MigloNAJEFRevised-pastminor2.pdf


This paper shows that asymmetric information about the timing of earnings can affect capital structure. It sheds new light on the following issues: why profitable firms may be interested in issuing equity and why debt does not necessarily signal a firm’s quality. These issues seem to be puzzling from the classical pecking-order theory or signalling theory point of view. The paper also contributes to the analysis of the link between capital structure choice and a firm’s expected performance (short-term and long-term). An empirical analysis confirms most of our theoretical results.

Item Type: Article
Schools: Schools > Salford Business School
Journal or Publication Title: The North American Journal of Economics and Finance
Publisher: Elsevier
ISSN: 1062-9408
Related URLs:
Depositing User: Dr Anton Miglo
Date Deposited: 25 May 2021 12:51
Last Modified: 04 Nov 2021 14:31
URI: http://usir.salford.ac.uk/id/eprint/60378

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