To prevent firms from manipulating prices, U.S. regulators set price ceilings for open-market share repurchases. We find that market structure reforms in the 1990s and 2000s dramatically increased share repurchases because they relaxed constraints that prevent firms from competing with other...

Purpose - This paper focuses on Ṣukūk issuance determinants in Gulf Cooperation Council (GCC) countries. Given the dual characteristic of debt and equity of Ṣukūk as well as their unique benefits of social responsibility, the author questions whether the theories of capital structure, the...

Equity markets fail to account for value-relevant non-public information enjoyed by syndicated loan participants and reflected in publicly-posted loan prices. A long-short strategy that buys (sells) the equities of firms whose loans have recently appreciated (depreciated) earns large...

Debt and equity represent somewhat different sources of funds for a company, and the Chief Financial Officer (CFO) would like to know the best combination of debt and equity funding to use. That is, what should be the company's capital structure. Should the apparent differences between debt and...

The financing method of Chinese listed firms has been studied for a long time, but with inconclusive indications. This paper thus adopts Chinese listed firms' data from 2003 to 2015 to investigate the pecking order theory by testing the relationship between financing deficit and long-term debt...