IPO市场择机行为对资本结构的影响 ——来自我国上市公司的经验数据.pdfVIP

Abstract Static Trade-off theory and the Pecking Order theory have modified the MM theory by relaxing some of the assumptions, but they have not given up the assumption of Efficient Market. However, Bahavior Finance theory suggests that as the irrational investors and the limit of arbitrage, equity market is inefficient. Market timing theory of capital structure is developed and tested in Baker and Wurgler(2002). Their research results document that m