Debt-equity choices, R&D investment and market timing

doi:10.1016/j.jfineco.2016.01.017

CORC > 上海财经大学 > 上海财经大学

	Debt-equity choices, R&D investment and market timing
	Lewis, Craig M.1; Tan, Yongxian 2
刊名	JOURNAL OF FINANCIAL ECONOMICS
	2016-03
卷号	119 期号:3 页码:599-610
关键词	Debt-equity choice Market timing External financing Capital investment
ISSN号	0304-405X
DOI	10.1016/j.jfineco.2016.01.017
英文摘要	In this paper, we examine whether managers time their debt-equity choices to exploit market mispricing. Controlling for the level of external financing and corporate investment activities, we find evidence consistent with the market timing hypothesis. We find managers issue more equity relative to debt when analysts are relatively optimistic about firms' long-term growth prospects. Moreover, equity issuers earn lower returns than debt issuers at subsequent earnings announcements. Controlling for research and development (R&D) investment, we find that, consistent with the market timing hypothesis and inconsistent with the extant empirical literature, the debt-equity composition of external financing predicts year-ahead stock return. (C) 2016 Elsevier B.V. All rights reserved.
WOS研究方向	Business & Economics
语种	英语
出版者	ELSEVIER SCIENCE SA
WOS记录号	WOS:000374205700008
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/1334]
专题	上海财经大学
通讯作者	Lewis, Craig M.
作者单位	1.Vanderbilt Univ, Owen Grad Sch Management, Nashville, TN 37203 USA; 2.Shanghai Univ Finance & Econ, Sch Finance, Shanghai 200433, Peoples R China
推荐引用方式 GB/T 7714	Lewis, Craig M.,Tan, Yongxian. Debt-equity choices, R&D investment and market timing[J]. JOURNAL OF FINANCIAL ECONOMICS,2016,119(3):599-610.
APA	Lewis, Craig M.,&Tan, Yongxian.(2016).Debt-equity choices, R&D investment and market timing.JOURNAL OF FINANCIAL ECONOMICS,119(3),599-610.
MLA	Lewis, Craig M.,et al."Debt-equity choices, R&D investment and market timing".JOURNAL OF FINANCIAL ECONOMICS 119.3(2016):599-610.