Partial Adjustment Toward Target Capital Structures

By Mark J. Flannery, Kasturi P. Rangan. 2006

1,976 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/fee502e4d6051fbfb2e489b247f59a09789bf478

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Citations in the corpus

Corporate Deleveraging and Financial Flexibility (2018, positive): “2 For evidence of weak-to-moderate year-to-year mean reversion in leverage, see Fama and French (2002), Welch’s (2004), Leary and Roberts (2005), Flannery and Rangan (2006), Kayhan and Titman (2007), Huang and Ritter (2009), and Hovakimian and Li (2011).”
Agency Problems of Corporate Philanthropy (2015, methodology): “Since Compustat has missing data for advertising and R&D expenses, we define two indicator variables, i.e., ad indicator and R&D indicator, that take the value of zero if the data is missing and one otherwise (Flannery and Rangan, 2006).”
Cash holdings and employee welfare (2013, positive): “…our extensive panel, we follow the conventional definition in the capital structure literature and proxy for the market value of assets using the book value of total assets plus the market value of equity minus the book value of equity (e.g., Flannery and Rangan, 2006; Strebulaev and Yang, 2013).”
Institutions and corporate capital structure in the MENA region (2016, neutral): “Numerous empirical studies have accounted for the potentially dynamic nature of capital structure, and attempted to test whether firms have leverage targets and if so, what is the speed at which they adjust towards such targets (e.g., Fama and French, 2002; Flannery and Rangan, 2006; Lemmon et al., ”
Capital structure decisions: Evidence from deregulated industries (2010, neutral): “…price 1 See Bradley, Jarrell, and Kim (1984), Titman and Wessels (1988), Smith and Watts (1992), Rajan and Zingales (1995), Fama and French (2002), Flannery and Rangan (2006), and Lemmon, Roberts, and Zender (2008), among others, for evidence of a cross-sectional relation between leverage and its…”
Equity or Debt Financing: Does Good Corporate Governance Matter? (2012, neutral): “(2009, 2006), Frank and Goyal (2003) and Shyam-Sunder and Myers (1999), while those using the balance sheet approach include Baker and Wurgler (2002).”
Capital Structure Decisions around the World: Which Factors Are Reliably Important? (2015, neutral): “and international firm leverage models conclude that adjustment costs are nontrivial and that firm-fixed effects are essential to capture unobserved firm-level heterogeneity (Flannery and Rangan (2006), Lemmon, Roberts, and Zender (2008), Gungoraydinoglu and Öztekin (2011), Faulkender, Flannery, Han”
Macroeconomic Conditions and Capital Structure Adjustment Speed (2010, positive): “During model estimation, we control for firm fixed effects since Flannery and Rangan (2006) find that this increases adjustment speed.”
Deviation from the Target Capital Structure and Acquisition Choices (2011, positive): “Following previous studies on capital structure (see Hovakimian, Opler and Titman (2001); Fama and French (2002); Flannery and Rangan (2004); Leary and Roberts (2005); Kayhan and Titman (2005)), I exclude financial firms (6000-6999) and regulated utilities (4900-4999).”
Debt Financing and Financial Flexibility Evidence from Proactive Leverage Increases (2012, neutral): “15 For evidence on the magnitude of debt-related costs and benefits, see Graham (2000), Harvey, Lins and Roper (2004), and Almeida and Philippon (2007).”