Detailübersicht
Publication | Determinants of management earnings forecasts: The case of global shipping IPOs |
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Type | Refereed Article |
Year | 2017 |
Author(s) |
Dimitrios Gounopoulos Andreas G. Merikas Anna Merika |
Journal | European Financial Management |
Status | forthcoming |
Research Area | Ship Finance |
Keywords | Earnings management, voluntary disclosure environment, forecast accuracy, IPOs |
Abstract | This study analyzes the heterogeneity in the speed of capital structure adjustment. Using a doubly-censored Tobit estimator that accounts for mechanical mean reversion in leverage ratios, the speed of adjustment is 25% per year in a large international sample, supporting the economic relevance of the trade-off theory. Differences in the adjustment speed across distinct financial systems are attributable to differences in the costs of adjustment. Macroeconomic and micro-level supply-side constraints also affect the dynamics of leverage. Firms adjust more slowly during recessions, and the effect on adjustment speed is most pronounced for financially constrained firms in market-based countries. |
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