The firm's capital structure - how it funds operations by raising
capital from a variety of sources -- has attracted considerable
attention from both academics and practitioners. The empirical
capital structure literature explores both the cross-sectional
determinants of capital structure as well as time-series changes.
Empirical Capital Structure reviews both aspects of this
literature. Empirical Capital Structure is organized around a
simple framework that contains three key ingredients: the costs and
benefits that determine a firm's capital structure; the existence
of shocks that cause firms to deviate, at least temporarily, from
their targets; the presence of factors that may prevent firms from
constantly maintaining debt ratios that match their targets.
Empirical Capital Structure is organized as follows. Section II
discusses specification and econometric issues that will be
important for many of the tests considered. Section III reviews
cross-sectional capital structure determinants. Section IV explores
factors that pull firms away from their leverage targets. Section V
discusses reasons why firms might not immediately reverse the
effect of these leverage shocks, apparently allowing deviations
from their targets to persist for extended periods of time. Section
VI explores a group of studies that look at how leverage feeds back
into a firm's real business decisions. Finally, Section VII
concludes and provides suggestions for new research.
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