Publication Type
Journal Article
Version
acceptedVersion
Publication Date
3-2023
Abstract
This is the third in our series ofJACFarticles that explores thecorporate motives for and consequences of seasoned equity offer-ings (SEOs) by U.S. public companies over the past 50 years. Likeits two predecessors, this article begins by examining each of thethree standard theories (or “models”) of corporate capital structureand financing policy that continue to receive serious considerationin academic discussions: (1) the Tradeoff Model;(2)thePeckingOrder Model, and (3) theMarket Timing Model.Aswealsobeganby noting in our two previous articles, each of these three modelshas implications that do not fit comfortably with the findings ofour analysis of over 8500 SEOs by U.S. companies between 1970and 2019.
Discipline
Corporate Finance | Finance and Financial Management
Research Areas
Finance
Publication
Journal of Applied Corporate Finance
Volume
34
Issue
4
First Page
101
Last Page
108
ISSN
1078-1196
Identifier
10.1111/jacf.12533
Publisher
Wiley
Citation
FU, Fangjian and SMITH, Clifford W..
Strategic financial management Part III: Debt maturity and priority and corporate liquidity. (2023). Journal of Applied Corporate Finance. 34, (4), 101-108.
Available at: https://ink.library.smu.edu.sg/lkcsb_research/7440
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Additional URL
https://doi.org/10.1111/jacf.12533