The Effect of Market Conditions on Capital Structure Adjustment

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The Determinants of Capital Structure: Capital Market-Oriented versus Bank-Oriented Institutions (2008, background): “Firm size Flannery and Rangan (2006), Friend and Lang (1988), Hovakimian et al. (2004), MacKay and Phillips (2005), Mao (2003) Johnson (1998), Kester (1986), Titman and Wessels (1988) Chung (1993), Ferri and Jones (1979), and Kim and Sorensen (1986)”
Trade-Off and Pecking Order Theories of Debt (2007, background): “Frank and Goyal (2004) show that equity shocks induce offsetting debt market reactions.”
Capital structure and law around the world (2011, unknown): “This theory has been disputed by many authors: Frank and Goyal (2003) show that market conditions affect the process of debt adjustments, but the same should not be assumed for equity; Alti (2003) shows that market timing is a short-term phenomenon; Hovakimian (2006), on the other hand, according…”
The relationship between product market competition and capital structure in Chinese listed firms (2011, unknown): “6 These findings are comparable to Antoniou et al. (2006, 2008), Frank and Goyal (2004), and Miguel and Pindado (2001) and are in line with the trade-off theory. firm is threatened by a low-levered firm to decrease its indebtedness.”