Do tests of capital structure theory mean what they say?

• 成果类型: Article
• 署名作者: Strebulaev, Ilya A.
• 署名单位: Stanford University
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/j.1540-6261.2007.01256.x
• 发表日期: 2007
• 页码: 1747-1787
• 关键词: Financial distress; STRUCTURE CHOICE; debt; INVESTMENT; RISK; equilibrium; valuation; return; POLICY; COSTS

摘要

In the presence of frictions, firms adjust their capital structure infrequently. As a consequence, in a dynamic economy the leverage of most firms is likely to differ from the optimum leverage at the time of readjustment. This paper explores the empirical implications of this observation. I use a calibrated dynamic trade-off model to simulate firms' capital structure paths. The results of standard cross-sectional tests on these data are consistent with those reported in the empirical literature. In particular, the standard interpretation of some test results leads to the rejection of the underlying model. Taken together, the results suggest a rethinking of the way capital structure tests are conducted.