题目：A Growth Type Explanation for Capital Structure Persistence
讲者：Xueping Wu
时间：2008年5月8日（周五） 下午3:00-4:30
地点：中山大学岭南堂第四会议室
Abstract：We show that growth-type (based on a combination of firm initial market-to-book ratio and asset tangibility) can parsimoniously explain the persistent dispersion in leverage. More precisely, low-growth firms have significantly higher leverage, high-growth firms have significantly lower leverage, and mixed growth firms are in the middle. Growth-type is persistent and predetermines firms’ persistent pecking order in external finance. We are able to show that it is growth-type rather than market timing that best explains leverage persistence. Our explanation of leverage persistence addresses why listed firms cannot arbitrarily alter capital structure for value creation (consistent with the spirit of the Modigliani-Miller theorem).
