Showing 1 - 8 of 8
Persistent link: https://www.econbiz.de/10009672513
Persistent link: https://www.econbiz.de/10003460196
Persistent link: https://www.econbiz.de/10003756035
We implement an earnings-based fundamental valuation model to test the impact of market timing on the firm's method of funding the financing deficit. We argue that our valuation metric provides a superior measure of equity misvaluation because it avoids multiple interpretation problems faced by...
Persistent link: https://www.econbiz.de/10013027954
We find that equity mispricing impacts the speed at which firms adjust to their target leverage and does so in predictable ways depending on whether the firm is over- or underlevered. For example, firms that are above their target leverage and should therefore issue equity (or retire debt),...
Persistent link: https://www.econbiz.de/10013130668
We evaluate motives for share repurchases using a unified framework where a firm has a target capital structure and has equity that can be mispriced. We document that capital structure adjustments are a value-increasing motive for repurchases and that the extent to which adjusting capital...
Persistent link: https://www.econbiz.de/10011052908
We evaluate motives for share repurchases using a unified framework where a firm has a target capital structure and has equity that can be mispriced. We document that capital structure adjustments are a value-increasing motive for repurchases and that the extent to which adjusting capital...
Persistent link: https://www.econbiz.de/10013063350
Persistent link: https://www.econbiz.de/10010382637