In Search of Conclusive Evidence: How to Test for Adjustment to Target Capital Structure

By Armen Hovakimian, Guangzhong Li. 2011

229 citations recorded by the source corpus.

Subfields: Accounting, Finance, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/3b72f50e0d09996749a9efd8157efff10f22a190

Citations in the corpus

• Estimating Dynamic Panel Models in Corporate Finance (2013, unknown): “Iliev and Welch (2010) emphasize the importance of bounded dependent variables and Hovakimian and Li (2011) also raise the possibility of hard-wired mean reversion with censored data.”
• Bank capital management: International evidence (2015, unknown): “Hovakimian and Li (2011)).”
• Firm- and Country-Level Determinants of Corporate Leverage: Some New International Evidence (2011, unknown): “Finally, Strebulaev (2007) and Hovakimian and Li (2011) conclude that using ex post information to estimate leverage causes substantial bias to the parameter estimates.”
• Institutional Determinants of Capital Structure Adjustment Speeds (2012, unknown): “Shyam-Sunder and Myers (1999), Chen and Zhao (2007), Chang and Dasgupta (2009), and Hovakimian and Li (2011) argue that mechanical mean reversion can lead to an upward bias in adjustment speeds, which can prevent the model from rejecting the null hypothesis that the adjustment speed is zero.”