Reconciling divergent findings on the speed of leverage adjustment
| dc.contributor.author | Khoo, Joye | |
| dc.contributor.author | Durand, Robert B. | |
| dc.contributor.author | Harris, Mark N. | |
| dc.date.accessioned | 2019-12-12T01:12:12Z | |
| dc.date.available | 2019-12-12T01:12:12Z | |
| dc.date.issued | 2018 | |
| dc.identifier.citation | Khoo, J. and Durand, R.B. and Harris, M. 2018. Reconciling divergent findings on the speed of leverage adjustment. In: 2018 New Zealand Finance Meeting, 17th Dec 2018, Queenstown, New Zealand. | |
| dc.identifier.uri | http://hdl.handle.net/20.500.11937/77317 | |
| dc.description.abstract |
Estimates of firms’ speeds of leverage adjustment (SOAs) vary wildly. Studies producing these estimates impose a strong constraint: An average SOAis estimated for all firms in a sample. Using finite mixture models (FMM) we uncover four distinct types of behaviors characterizing SOAs. The four behaviors in this regard can be classified as: Nearly stable (SOA= 2%); slower adjusters(SOA= 28%);faster adjusters(SOA= 62%) and drifters (SOA= -3%) who slowly move away from estimated leverage targets. | |
| dc.title | Reconciling divergent findings on the speed of leverage adjustment | |
| dc.type | Conference Paper | |
| dcterms.source.conference | 2018 New Zealand Finance Meeting | |
| dcterms.source.conference-start-date | 17 Dec 2018 | |
| dcterms.source.conferencelocation | Queenstown | |
| dcterms.source.place | Queenstown | |
| dc.date.updated | 2019-12-12T01:12:11Z | |
| curtin.department | School of Economics, Finance and Property | |
| curtin.accessStatus | Fulltext not available | |
| curtin.faculty | Faculty of Business and Law | |
| curtin.contributor.orcid | Khoo, Joye [0000-0001-9765-7364] | |
| curtin.contributor.orcid | Harris, Mark [0000-0002-1804-4357] | |
| dcterms.source.conference-end-date | 19 Dec 2018 | |
| curtin.contributor.scopusauthorid | Khoo, Joye [56682654600] | |
| curtin.contributor.scopusauthorid | Harris, Mark [35561581200] [55310794400] |