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Capital structure and stock prices: additional evidence

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Author Info
Monica H. Maestro
Julio Pindado

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Abstract

This paper provides additional evidence on the role played by stock prices in explaining capital structure. Our results show that stock prices play an important role, but most of the previous determinants (such as investment, cash flow and the lagged debt ratio) are still crucial in the explanation of capital structure.

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Publisher Info
Article provided by Taylor and Francis Journals in its journal Applied Financial Economics Letters.

Volume (Year): 1 (2005)
Issue (Month): 6 (November)
Pages: 355-360
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Handle: RePEc:taf:apfelt:v:1:y:2005:i:6:p:355-360

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Blackwell Publishing, vol. 58(2), pages 277-97, April. [Downloadable!] (restricted)
  2. de Miguel, Alberto & Pindado, Julio, 2001. "Determinants of capital structure: new evidence from Spanish panel data," Journal of Corporate Finance, Elsevier, vol. 7(1), pages 77-99, March. [Downloadable!] (restricted)
  3. Ivo Welch, 2004. "Capital Structure and Stock Returns," Journal of Political Economy, University of Chicago Press, vol. 112(1), pages 106-131, February. [Downloadable!] (restricted)
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  4. Demirguc-Kunt, Ash & Maksimovic, Vojislav, 1996. "Stock Market Development and Financing Choices of Firms," World Bank Economic Review, Oxford University Press, vol. 10(2), pages 341-69, May.
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This page was last updated on 2009-11-19.

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