Special Report on
Testing the Pecking Order
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to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page . Note that these files are not on the IDEAS site. Please be patient as the files may be large. As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it. Article provided by Elsevier in its journal Journal of Financial Economics . Volume (Year): 58 (2000) Issue (Month): 3 (December) Pages: 417-425 Download reference. The following formats are available: HTML ( with ...
This paper examines time-series patterns of external financing decisions consistent with the pecking order theory. Emerging markets provide an excellent laboratory to test the explanatory power of financing deficit given the under developed markets for corporate control.The adverse selection problem of external financing automatically leads to the standard pecking order in which debt dominates equity.we run a regression with a firm’s change in debt as the dependent variable and its financing deficit as explanatory variable. we control for other determinants of debt issuance. ... Read More
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TESTING THE PECKING ORDER
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