Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/53865
Authors: 
Year of Publication: 
2009
Series/Report no.: 
Bank of Canada Working Paper No. 2009-1
Publisher: 
Bank of Canada, Ottawa
Abstract: 
This paper studies the impact of market timing on Canadian firms' capital structure and makes a comparison with U.S. firms. There is no evidence that market timing affects Canadian firms' capital structure in the same manner as it affects their U.S. counterparts. The effect of past equity issues on Canadian firms' capital structure is transitory. Canadian firms adjust at a faster rate toward the leverage target than U.S. firms. These results challenge the generality of the markettiming theory of capital structure.
Subjects: 
Financial markets
International topics
JEL: 
G32
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

Files in This Item:
File
Size
347.64 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.