Asymmetric Peer Effects in Capital Structure Dynamics

Using a semiparametric smooth-coefficient partial adjustment model, this study finds evidence for asymmetric peer effects on capital structure adjustment speeds between overlevered and underlevered firms. Overlevered firms' adjustment speeds and peer firm shocks have a U-shaped relationship, while underlevered firms' adjustment speeds monotonically increase with peer firm shocks

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Year of publication:	2018
Authors:	Im, Hyun Joong
Publisher:	[2018]: [S.l.] : SSRN
Subject:	Kapitalstruktur \| Capital structure \| Soziale Gruppe \| Social group

Extent:	1 Online-Ressource (16 p)
Type of publication:	Book / Working Paper
Language:	English
Notes:	In: Economics Letters, Vol. 176, 2019, pp. 17-22 Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments December 11, 2018 erstellt
Other identifiers:	10.2139/ssrn.2638568 [DOI]
Classification:	G32 - Financing Policy; Capital and Ownership Structure ; d25
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012937093