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The effect of state laws on capital structure

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  • Wald, John K.
  • Long, Michael S.
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Financial Economics.

    Volume (Year): 83 (2007)
    Issue (Month): 2 (February)
    Pages: 297-319

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    Handle: RePEc:eee:jfinec:v:83:y:2007:i:2:p:297-319

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    Web page: http://www.elsevier.com/locate/inca/505576

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    References

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    1. Karpoff, Jonathan M. & Malatesta, Paul H., 1995. "State takeover legislation and share values: The wealth effects of Pennsylvania's Act 36," Journal of Corporate Finance, Elsevier, vol. 1(3-4), pages 367-382, April.
    2. John, Kose & Kalay, Avner, 1982. " Costly Contracting and Optimal Payout Constraints," Journal of Finance, American Finance Association, vol. 37(2), pages 457-70, May.
    3. Karpoff, Jonathan M. & Malatesta, Paul H., 1989. "The wealth effects of second-generation state takeover legislation," Journal of Financial Economics, Elsevier, vol. 25(2), pages 291-322, December.
    4. Paul Gompers & Joy Ishii & Andrew Metrick, 2003. "Corporate Governance And Equity Prices," The Quarterly Journal of Economics, MIT Press, vol. 118(1), pages 107-155, February.
    5. Szewczyk, Samuel H. & Tsetsekos, George P., 1992. "State intervention in the market for corporate control : The case of Pennsylvania Senate Bill 1310," Journal of Financial Economics, Elsevier, vol. 31(1), pages 3-23.
    6. Robert Comment & G. William Schwert, 1993. "Poison or Placebo? Evidence on the Deterrent and Wealth Effects of Modern Antitakeover Measures," NBER Working Papers 4316, National Bureau of Economic Research, Inc.
    7. Laurence Booth, 2001. "Capital Structures in Developing Countries," Journal of Finance, American Finance Association, vol. 56(1), pages 87-130, 02.
    8. Bradley, Michael & Jarrell, Gregg A & Kim, E Han, 1984. " On the Existence of an Optimal Capital Structure: Theory and Evidence," Journal of Finance, American Finance Association, vol. 39(3), pages 857-78, July.
    9. Rajan, Raghuram G & Zingales, Luigi, 1995. " What Do We Know about Capital Structure? Some Evidence from International Data," Journal of Finance, American Finance Association, vol. 50(5), pages 1421-60, December.
    10. Michael S. Long & Ileen B. Malitz, 1985. "Investment Patterns and Financial Leverage," NBER Chapters, in: Corporate Capital Structures in the United States, pages 325-352 National Bureau of Economic Research, Inc.
    11. Wald, John, 1999. "Capital structure with dividend restrictions," Journal of Corporate Finance, Elsevier, vol. 5(2), pages 193-208, June.
    12. Christopher A. Hennessy & Toni M. Whited, 2005. "Debt Dynamics," Journal of Finance, American Finance Association, vol. 60(3), pages 1129-1165, 06.
    13. Smith, Clifford Jr. & Warner, Jerold B., 1979. "On financial contracting : An analysis of bond covenants," Journal of Financial Economics, Elsevier, vol. 7(2), pages 117-161, June.
    14. David Mayers & Clifford W. Smith, 2005. "Agency Problems and the Corporate Charter," Journal of Law, Economics and Organization, Oxford University Press, vol. 21(2), pages 417-440, October.
    15. Guhan Subramanian, 2004. "The Disappearing Delaware Effect," Journal of Law, Economics and Organization, Oxford University Press, vol. 20(1), pages 32-59, April.
    16. Heron, Randall A. & Lewellen, Wilbur G., 1998. "An Empirical Analysis of the Reincorporation Decision," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 33(04), pages 549-568, December.
    17. Barnea, Amir & Haugen, Robert A & Senbet, Lemma W, 1981. "An Equilibrium Analysis of Debt Financing under Costly Tax Arbitrage and Agency Problems," Journal of Finance, American Finance Association, vol. 36(3), pages 569-81, June.
    18. Berens, James L & Cuny, Charles J, 1995. "The Capital Structure Puzzle Revisited," Review of Financial Studies, Society for Financial Studies, vol. 8(4), pages 1185-1208.
    19. Daines, Robert, 2001. "Does Delaware law improve firm value?," Journal of Financial Economics, Elsevier, vol. 62(3), pages 525-558, December.
    20. Titman, Sheridan & Wessels, Roberto, 1988. " The Determinants of Capital Structure Choice," Journal of Finance, American Finance Association, vol. 43(1), pages 1-19, March.
    21. Asquith, Paul, 1948- & Wizman, Thierry A., 1990. "Event risk, covenants, and bondholder returns in leveraged buyouts," Working papers WP 3173-90., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    22. DeAngelo, Harry & Masulis, Ronald W., 1980. "Optimal capital structure under corporate and personal taxation," Journal of Financial Economics, Elsevier, vol. 8(1), pages 3-29, March.
    23. Asquith, Paul & Wizman, Thierry A., 1990. "Event risk, covenants, and bondholder returns in leveraged buyouts," Journal of Financial Economics, Elsevier, vol. 27(1), pages 195-213, September.
    24. Fama, Eugene F, 1980. "Agency Problems and the Theory of the Firm," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 288-307, April.
    25. James J. Heckman, 1976. "The Common Structure of Statistical Models of Truncation, Sample Selection and Limited Dependent Variables and a Simple Estimator for Such Models," NBER Chapters, in: Annals of Economic and Social Measurement, Volume 5, number 4, pages 475-492 National Bureau of Economic Research, Inc.
    26. Gerald T. Garvey & Gordon Hanka, 1999. "Capital Structure and Corporate Control: The Effect of Antitakeover Statutes on Firm Leverage," Journal of Finance, American Finance Association, vol. 54(2), pages 519-546, 04.
    27. Billett, Matthew T, 1996. "Targeting Capital Structure: The Relationship between Risky Debt and the Firm's Likelihood of Being Acquired," The Journal of Business, University of Chicago Press, vol. 69(2), pages 173-92, April.
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    Cited by:
    1. Chen, Dar-Hsin & Chen, Chun-Da & Chen, Jianguo & Huang, Yu-Fang, 2013. "Panel data analyses of the pecking order theory and the market timing theory of capital structure in Taiwan," International Review of Economics & Finance, Elsevier, vol. 27(C), pages 1-13.
    2. MariaJosé Palacin-Sanchez & Filippo di Pietro, 2013. "Are Regional Institutional Factors Determinants Of The Capital Structure Of Smes?," ERSA conference papers ersa13p498, European Regional Science Association.
    3. Christopher F. Baum & Atreya Chakraborty & Boyan Liu, 2010. "The impact of macroeconomic uncertainty on firms' changes in financial leverage," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 15(1), pages 22-30.
    4. Alexander Fink & Richard Wagner, 2013. "Political entrepreneurship and the formation of special districts," European Journal of Law and Economics, Springer, vol. 35(3), pages 427-439, June.
    5. Stefan Arping & Zacharias Sautner, 2010. "Corporate Governance and Leverage: Evidence from a Natural Experiment," Tinbergen Institute Discussion Papers 10-019/2, Tinbergen Institute.
    6. Fonseka, M.M. & Samarakoon, Lalith P. & Tian, Gao-Liang, 2012. "Equity financing capacity and stock returns: Evidence from China," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 22(5), pages 1277-1291.
    7. Waisman, Maya, 2013. "Product market competition and the cost of bank loans: Evidence from state antitakeover laws," Journal of Banking & Finance, Elsevier, vol. 37(12), pages 4721-4737.
    8. Qiu, Jiaping & Yu, Fan, 2009. "The market for corporate control and the cost of debt," Journal of Financial Economics, Elsevier, vol. 93(3), pages 505-524, September.
    9. Mine Ertugrul & Erasmo Giambona, 2011. "Property Segment and REIT Capital Structure," The Journal of Real Estate Finance and Economics, Springer, vol. 43(4), pages 505-526, November.
    10. Stefan Arping & Zacharias Sautner, 2010. "Corporate Governance and Leverage: Evidence from a Natural Experiment," Tinbergen Institute Discussion Papers 10-019/2, Tinbergen Institute.
    11. Majumdar, Raju, 2012. "The role of secured debt in resolving agency conflicts and problems of asymmetric information: Indian evidence," MPRA Paper 37925, University Library of Munich, Germany.

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