文章基本信息

标题：Equity Market Timing and Capital Structure: Evidence from Tunisia and France
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作者：Khemaies Bougatef ; Jameleddine Chichti
期刊名称：International Journal of Business and Management
印刷版ISSN：1833-3850
电子版ISSN：1833-8119
出版年度：2010
卷号：5
期号：10
页码：167
DOI：10.5539/ijbm.v5n10P167
出版社：Canadian Center of Science and Education
摘要：This paper investigates the relevance of market timing considerations on the debt-equity choice using a panel of tunisian and french listed firms. Consistent with the market timing theory, we find that firms tend to issue equity when their market valuations are relatively higher than their book values and after market performance improvement. As a consequence, these firms become underlevraged in the short-term and this impact of equity market timing on capital structure persists beyond eight years.