NDLI: Market Timing and Capital Structure: Evidence from Shenzhen Market in China

Content Provider	IEEE Xplore Digital Library
Author	Hong-Hong Tian Xi-Juan Shao Xiao-Na Luo
Copyright Year	2008
Description	Author affiliation: Sch. of Bus. Adm., South China Univ. of Technol., Guangzhou (Hong-Hong Tian; Xi-Juan Shao; Xiao-Na Luo)
Abstract	This paper investigates the market timing hypothesis of capital structure for listed firms in Shenzhen over the 2002- 2007 period. We use yearly timing (YT) in Kayhan and Titman(2007)'s study as a measure of market timing which separates growth opportunities from historical market-to-book ratio (external finance weighted historical market-to-book ratio, EFWAMB). We find capital structure is inversely related to yearly timing, but not significant. The result shows that market timing in Shenzhen market doesn't have a persistent impact on the capital structure. This is inconsistent with Baker and Wurgler(2002)'s conclusion that market timing has a long-lasting effect on capital structure but consistent with Kayhan and Titman(2007) and Bie and Haan(2007)'s conclusions. The reason may be that there is market friction in time and approach aspects while China firms make use of market timing.
Starting Page	1
Ending Page	3
File Size	97173
Page Count	3
File Format	PDF
ISBN	9781424421077
DOI	10.1109/WiCom.2008.2330
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2008-10-12
Publisher Place	China
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Friction Current measurement Finance Timing Yttrium Stock markets Cost accounting Testing
Content Type	Text
Resource Type	Article

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4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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