Timing of earnings and capital structure

Miglo, A. (2017) Timing of earnings and capital structure. North American Journal of Economics and Finance, 40, pp. 1-15. (doi: 10.1016/j.najef.2017.01.001)

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This paper shows that asymmetric information about the timing of earnings can affect capital structure. It sheds new light on the following issues: why profitable firms may be interested in issuing equity and why debt does not necessarily signal a firm’s quality. These issues seem to be puzzling from the classical pecking-order theory or signalling theory point of view. The paper also contributes to the analysis of the link between capital structure choice and a firm’s expected performance (short-term and long-term). An empirical analysis confirms most of our theoretical results.

Item Type:Articles
Glasgow Author(s) Enlighten ID:Miglo, Dr Anton
Authors: Miglo, A.
College/School:College of Social Sciences > Adam Smith Business School > Accounting and Finance
Journal Name:North American Journal of Economics and Finance
ISSN (Online):1879-0860
Published Online:18 January 2017

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