Essays on capital structure
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I undertake an empirical investigation of leverage adjustment behaviour by examining Australian firms whose structure is disrupted through merger and acquisition activity. The analysis confirms that firms find themselves further from their targets adjust more quickly. Using US data, I analyse if a firm’s leverage level is itself a determinant of both its speed of adjustment. I find that the level of a firm’s leverage affects the speed of its adjustment towards its target leverage.
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Khoo, J.; Durand, Robert; Rath, S. (2015)© 2015 AFAANZ. Australian firms have leverage targets. Speeds of adjustment to a target capital structure are higher than previously published estimates when there are major disruptions to firms' leverage ratios. Firms ...
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