• 主题
高级搜索  >
历史搜索 清空历史
首页> 外文学位 >Valuation errors at the time of security issuance and the market timing theory of capital structure: Valuation errors in equity and the motives for issuing convertible debt.
【24h】

Valuation errors at the time of security issuance and the market timing theory of capital structure: Valuation errors in equity and the motives for issuing convertible debt.

机译：证券发行时的估值错误和资本结构的市场时机理论：股票的估值错误和发行可转换债券的动机。

获取原文
获取原文并翻译 | 示例
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

Scope and method of study. The purpose of the study, Valuation Errors at the Time of Security Issuance and the Market Timing Theory of Capital Structure, focuses on the role of equity market timing in the capital structure of the firm. This study contributes to this area of research by examining the public equity vs. public and private debt issuance decision in a framework that incorporates variables that control for the static trade off, pecking order, and market timing theories during the period 1981 to 1999. A logistic regression method is used to predict the likelihood that firms will issue a particular type of security in a multivariate setting.; Findings and conclusions. The results indicate that there is strong evidence for the market timing hypothesis of capital structure. The value of equity at the time of issuance has a strong influence on the security decision choice, but the implications of the static trade off theory and the pecking order theory in this decision choice cannot be ruled out in the study.; Scope and method of study. The purpose of the study, Valuation Errors in Equity and the Motives for Issuing Convertible Debt, is to examine managerial motives behind the issuance of convertible debt securities. This study employs an innovative method using valuation errors in equity at the time of the security decision choice to test the risk-shifting hypothesis, the backdoor equity hypothesis, and the market timing hypothesis of convertible debt. It uses a sample of 408 U.S. non-financial firms issuing convertible debt during the period 1971 to 1998. To test the three hypotheses, the risk neutral probability of conversion is utilized as a metric to bifurcate the sample into firms that substitute convertible debt for straight debt and those that substitute convertible debt for common equity.; Findings and conclusions. The study finds support for the risk-shifting and backdoor equity hypotheses, but provides no evidence for the market timing hypothesis.
机译：研究范围和方法。该研究的目的是证券发行时的估值错误和资本结构的市场时机理论，其重点是股票市场时机在公司资本结构中的作用。这项研究通过在一个框架内检查了公共股权与公共和私人债务的发行决策，从而为这一研究领域做出了贡献。该框架包含了控制1981年至1999年期间的静态权衡，啄食顺序和市场时机理论的变量。逻辑回归法用于预测企业在多元环境中发行特定类型证券的可能性。 发现和结论。结果表明，有充分的证据证明资本结构的市场时机假设。发行时的股票价值对证券决策选择有很大的影响，但是在研究中不能排除静态权衡理论和啄食顺序理论对这种决策选择的影响。 研究范围和方法。该研究的目的是评估股票的估值错误和发行可转换债券的动机，目的是研究发行可转换债务证券背后的管理动机。本研究采用一种创新方法，该方法利用了选择安全决策时股权的估值误差来检验风险转移假设，后门股权假设和可转换债券的市场时机假设。它使用了1971年至1998年期间408家美国非金融公司发行可转换债券的样本。为了检验这三个假设，利用风险中立的转换概率作为衡量标准，将样本分为两部分，将可转换债券替代为直接债务以及那些用可转换债务代替普通股的债务。 发现和结论。该研究为风险转移和后门股权假说提供了支持，但没有提供有关市场时机假说的证据。

著录项

  • 作者

    Koeter-Kant, Johanna.;

  • 作者单位

    Oklahoma State University.;

  • 授予单位 Oklahoma State University.;
  • 学科 Economics Finance.
  • 学位 Ph.D.
  • 年度 2003
  • 页码 114 p.
  • 总页数 114
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 财政、金融;
  • 关键词

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号