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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Abstract
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 |
|---|---|
| Status: | Published |
| Refereed: | Yes |
| 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 |
| Publisher: | Elsevier |
| ISSN: | 1062-9408 |
| ISSN (Online): | 1879-0860 |
| Published Online: | 18 January 2017 |
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