The Role of Target Leverage in Security Issues and Repurchases

By Armen Hovakimian. 2004

224 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/3a1a9f5d62f7b52308d7594b9816007212127ff3

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Citations in the corpus

Leverage change, debt overhang, and stock prices (2011, unknown): “(2006), Hovakimian (2004, 2006), Welch (2004), and Huang and Ritter (2009), among others,”
Seasoned Equity Offerings, Market Timing, and the Corporate Lifecycle (2010, background): “Hovakimian ( 2004 ) reports some signs of systematic leverage rebalancing , but not for firms that issue equity .”
Are Observed Capital Structures Determined by Equity Market Timing? (2006, unknown): “Hovakimian (2004) reports that the effects of equity transactions on capital structure differ significantly across firms that simultaneously issue or repurchase debt and those that do not.”
Determinants of Target Capital Structure: The Case of Dual Debt and Equity Issues (2004, background): “In this section, we summarize the existing empirical evidence and discuss the predictions of the trade-off, pecking order, and market timing hypotheses about the effects of profitability and market performance on corporate financing.”
Equity market timing and capital structure: International evidence (2008, unknown): “This criterion has been widely used in previous debt-equity choice studies (for example, Hovakimian et al (2001) and Korajczyk and Levy (2003)) and has been shown to coincide with most US equity issues reported in the SDC database.”
Empirical Capital Structure: A Review (2009, unknown): “(2006), Baker and Wurgler (2002), Hovakimian (2004), and Frank and Goyal (2004).”
Debt Equity Choice in Europe (2005, unknown): “Following Hovakimian et al. (2004), we control for the size of transactions (absOpsize) in regressions of external debt-equity cho ices.”
Accounting Conservatism and Firm Investment Efficiency (2016, unknown): “6 Titman and Wessels (1988), Harris and Raviv (1991), Leland (1994), Rajan and Zingales (1995), Barclay and Smith (1999), Hovakimian et al. (2001), Fama and French (2002), Frank and Goyal (2003, 2009), Hovakimian (2004), Chang et al. (2006, 2009), and Rauh and Sufi (2010).”
Testing Theories of Capital Structure and Estimating the Speed of Adjustment (2009, unknown): “For characteristics of firms issuing both debt and equity, see Hovakimian et al. (2004). We keep these firms in other analyses.”
Global leverage adjustments, uncertainty, and country institutional strength (2018, result): “Also, in line with the findings of Hovakimian (2004) and Leary and Roberts (2005) for U.S. firms, debt transactions are more important for Electronic copy available at: https://ssrn.com/abstract=2934915 12 the leverage adjustment process than equity transactions (64.11% and 6.79% vs. 38.79% and…”
The Determinants of Capital Structure: Capital Market-Oriented versus Bank-Oriented Institutions (2008, unknown): “…Titman and Wessels (1988) Growth opportunities (Market-to-book ratio) Kremp et al. (1999), MacKay and Phillips (2005) Flannery and Rangan (2006), Hovakimian (2004), Johnson (1998), Mao (2003), Myers (1977), Rajan and Zingales (1995), Maksimovic et al. (1999), Miao (2005) Fixed assets ratio…”
Financing Major Investments: Information About Capital Structure Decisions (2014, background): “We also most strictly separate Built investments from Acquisitions and find some interesting differences in their financing patterns.4”
Debt Financing and Financial Flexibility Evidence from Proactive Leverage Increases (2012, unknown): “As in Hovakimian (2004), we exclude dual equity and debt issues.”
Capital Structure Dynamics and Transitory Debt (2011, unknown): “Hovakimian (2004) finds that “.”
Firms' Histories and Their Capital Structures (2004, unknown): “5 Hovakimian (2004) independently examines the Baker and Wurgler timing measure and also concludes that the results in Baker and Wurgler are generated by the persistence of the market-to-book ratio.”