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    Leverage adjustment after mergers and acquisitions

    Access Status
    Fulltext not available
    Authors
    Khoo, J.
    Durand, Robert
    Rath, S.
    Date
    2015
    Type
    Journal Article
    
    Metadata
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    Citation
    Khoo, J. and Durand, R. and Rath, S. 2015. Leverage adjustment after mergers and acquisitions. Accounting and Finance.
    Source Title
    Accounting and Finance
    DOI
    10.1111/acfi.12148
    ISSN
    0810-5391
    School
    School of Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/32511
    Collection
    • Curtin Research Publications
    Abstract

    © 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 exploit company-specific characteristics to achieve these targets. Profitability and cash levels are important drivers of the speeds of adjustment. Firms, which have lower profitability or higher cash levels, appear to adjust faster.

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