English, Article edition: Target Behavior and Financing: How Conclusive Is the Evidence? XIN CHANG; SUDIPTO DASGUPTA

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Target Behavior and Financing: How Conclusive Is the Evidence?
Author
  • XIN CHANG
  • SUDIPTO DASGUPTA
Physical Description
  • article
Notes
  • The notion that firms have a debt ratio target that is a primary determinant of financing behavior is influential in finance. Yet, how definitive is the evidence? We address this issue by generating samples where financing is unrelated to a firm's current debt ratio or a target. We find that much of the available evidence in favor of target behavior based on leverage ratio changes can be reproduced for these samples. Taken together, our findings suggest that a number of existing tests of target behavior have no power to reject alternatives. Copyright (c) 2009 the American Finance Association.
  • RePEc:bla:jfinan:v:64:y:2009:i:4:p:1767-1796
Language
  • English
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