Do Tests of Capital Structure Theory Mean What They Say

By Ilya A. Strebulaev. 2007

909 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/c592c2e6795dc74a0bbc3cc16f92d5e4b17c460d

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Citations in the corpus

Asymmetric Capital Structure Adjustments: New Evidence from Dynamic Panel Threshold Models (2012, background): “…on target leverage is significantly negative, which is consistent with the prior empirical evidence (Titman and Wessels, 1988; Rajan and Zingales, 1995), and supportive of both the pecking order theory (Myers and Majluf, 1984; Myers, 1984) and the dynamic tradeoff theory (e.g., Strebulaev, 2007).”
The Mystery of Zero-Leverage Firms (2013, neutral): “Cross-sectional dynamics modeled by Strebulaev (2007) can produce firms that are almost zeroleverage but in his benchmark case their fraction is very low.”
Financing and takeovers (2008, neutral): “For dynamic capital structure strategies in a single firm framework, see, for example, Fischer, Heinkel, and Zechner (1989), Goldstein, Ju, and Leland (2001), Strebulaev (2007), or Hackbarth, Miao, and Morellec (2006).”
What do we know about the capital structure of small firms? (2012, neutral): “…are GDP growth rate, savings to GDP, inflation, total market capitalization to GDP, statutory corporate income tax rate, corruption perception index, shareholder right protection index and creditor right protection index 22 See Strebulaev (2007) for details about dynamic capital structure.”
Asset Liquidity and Capital Structure (2009, neutral): “These findings also are consistent with Williamson (1988) and Shleifer and Vishny (1992) and with the effect of asset liquidity on leverage.”
Cash Holdings and Credit Risk (2012, neutral): “This composition is similar to that documented in other corporate bond and credit default swap data sets (e.g., Collin-Dufresne, Goldstein, and Martin (2001), Davydenko and Strebulaev (2007), Schaefer and Strebulaev (2008)).10 Panel B of Table 1 shows the composition of the sample by industry.”
Debt Financing and Financial Flexibility Evidence from Proactive Leverage Increases (2012, neutral): “Our findings are also difficult to reconcile with studies that suggest that firms target an optimal leverage ‘range’ [e.g., Fischer, Heinkel and Zechner (1989), Leary and Roberts (2005) and Strebulaev (2007)].”
Firm Financing over the Business Cycle (2018, methodology): “Hennessy and Whited (2007) estimate 1For an excellent overview on the latest research in dynamic corporate nance see Strebulaev and Whited (2012).”
Cash Flows and Leverage Adjustments (2012, neutral): “11 As suggested by Strebulaev (2007), we hereby estimate an M.”
Dynamic Investment, Capital Structure, and Debt Overhang (2015, background): “In addition, it is well known (Strebulaev 2007) that even the introduction of low-costs financing leads to the result that firms will choose to adjust their capital structure at periodic intervals rather than continuously.”
Capital Structure, Risk and Asymmetric Information (2011, neutral): “Our paper also relates to recent efforts to develop and analyze dynamic capital structure models (Fischer et al., 1989; Strebulaev, 2007; Hennessy and Whited, 2005).”