详细信息
The Impacts of Market Timing on Capital Structure: An Empirical Study of Initial Public Offerings in the Coastal Regions of China ( SCI-EXPANDED收录)
文献类型:期刊文献
英文题名:The Impacts of Market Timing on Capital Structure: An Empirical Study of Initial Public Offerings in the Coastal Regions of China
作者:Dong, Haohan[1];Zhang, Rong[2];Xie, Bojie[2]
第一作者:Dong, Haohan
通讯作者:Zhang, R[1]
机构:[1]Univ Birmingham, Birmingham Business Sch, Edgbaston Birmingham B15 2TT, England;[2]Beijing Union Univ, Coll Business, Beijing 100025, Peoples R China
第一机构:Univ Birmingham, Birmingham Business Sch, Edgbaston Birmingham B15 2TT, England
通讯机构:[1]corresponding author), Beijing Union Univ, Coll Business, Beijing 100025, Peoples R China.|[1141721]北京联合大学商务学院;[11417]北京联合大学;
年份:2020
卷号:106
期号:sp1
起止页码:329-333
外文期刊名:JOURNAL OF COASTAL RESEARCH
收录:;Scopus(收录号:2-s2.0-85088695297);WOS:【SSCI(收录号:WOS:000550684000076),SCI-EXPANDED(收录号:WOS:000550684000076)】;
语种:英文
外文关键词:Market timing; capital structure; IPOs; coastal areas
摘要:By analyzing initial public offering (IPO) data of 580 firms that are located in coastal areas listed in China's A-share market from 2003 to 2012, this article studies the impact of market timing on capital structure of these firms. Evidence suggests that capital structure of the firms is affected by the market timing attempts. Furthermore, hot-market firms decrease the leverage ratio by issuing more equity in the year of the IPO compared with its cold-market counterparts. Empirical examination shows that these attempts persist for a short term after the IPO, and reversal takes time.
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