Market Timing and Capital Structure

Theory of the firm: Managerial behavior, agency costs and ownership structure

1976 • 62,465 citations

Corporate financing and investment decisions when firms have information that investors do not have

1984 • 18,167 citations

Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers

1986 • 17,982 citations

The Cost of Capital, Corporation Finance and the Theory of Investment

1958 • 15,488 citations

Determinants of corporate borrowing

1977 • 13,054 citations

The Capital Structure Puzzle

1984 • 7,683 citations

What Do We Know about Capital Structure? Some Evidence from International Data

1995 • 6,521 citations

CORPORATE INCOME TAXES AND THE COST OF CAPITAL: A CORRECTION

1963 • 5,822 citations

The theory and practice of corporate finance: evidence from the field

2001 • 5,555 citations

The Determinants of Capital Structure Choice

1988 • 5,494 citations

The Theory of Capital Structure

1991 • 3,949 citations

The investment opportunity set and corporate financing, dividend, and compensation policies

1992 • 3,817 citations

The Long‐Run Performance of initial Public Offerings

1991 • 3,447 citations

Testing Trade-Off and Pecking Order Predictions About Dividends and Debt

2002 • 3,444 citations

The New Issues Puzzle

1995 • 3,411 citations

The Capital Structure Puzzle

1984 • 2,824 citations

Optimal capital structure under corporate and personal taxation

1980 • 2,681 citations

Market efficiency, long-term returns, and behavioral finance1The comments of Brad Barber, David Hirshleifer, S.P. Kothari, Owen Lamont, Mark Mitchell, Hersh Shefrin, Robert Shiller, Rex Sinquefield, Richard Thaler, Theo Vermaelen, Robert Vishny, Ivo Welch, and a referee have been helpful. Kenneth French and Jay Ritter get special thanks.1

1998 • 2,437 citations

Earnings Management and the Long‐Run Market Performance of Initial Public Offerings

1998 • 2,367 citations

Why Do Companies Go Public? An Empirical Analysis

1998 • 1,894 citations

Market underreaction to open market share repurchases

1995 • 1,824 citations

The Debt-Equity Choice

2001 • 1,795 citations

Earnings management and the underperformance of seasoned equity offerings11We thank Brad Barber (the referee), Randy Beatty, Vic Bernard, K.C. Chan, Kent Daniel, M. DeFond, Laura Field, David Heike, Chuan Yang Hwang, Jonathan Karpoff, S.P. Kothari, Charles Lee, Wayne Mikkelson (the editor), Tim Opler, Krishna Palepu, K. Ramesh, Jay Ritter, Terry Shevlin, Doug Skinner, Sheridan Titman, Ross Watts, Jerry Zimmerman, and seminar participants at the University of California Finance and Accounting …

1998 • 1,721 citations

Equity issues and offering dilution

1986 • 1,479 citations

Myth or Reality? The Long‐Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital‐Backed Companies

1997 • 1,451 citations

Inefficient Markets: An Introduction to Behavioral Finance

2002 • 1,360 citations

Initial public offerings: International insights

1994 • 1,290 citations

INITIAL PUBLIC OFFERINGS

1988 • 1,285 citations

Market Efficiency, Long-Term Returns, and Behavioral Finance

1997 • 1,181 citations

The Equity Share in New Issues and Aggregate Stock Returns

2000 • 1,160 citations

Accounting valuation, market expectation, and cross-sectional stock returns

1998 • 1,137 citations

The Operating Performance of Firms Conducting Seasoned Equity Offerings

1997 • 1,102 citations

Inefficient Markets

2000 • 1,084 citations

Underperformance in long-run stock returns following seasoned equity offerings

1995 • 1,079 citations

The Theory of Finance

1972 • 1,064 citations

Timing, investment opportunities, managerial discretion, and the security issue decision

1996 • 994 citations

The Theory of Capital Structure

1991 • 973 citations

Expectations and the Cross‐Section of Stock Returns

1996 • 935 citations

Good News for Value Stocks: Further Evidence on Market Efficiency

1997 • 851 citations

Testing Tradeoff and Pecking Order Predictions About Dividends and Debt

1999 • 763 citations

Dividends and taxes

1978 • 760 citations

The Choice Between Equity and Debt: An Empirical Study

1982 • 717 citations

Public Regulation of the Securities Markets

1964 • 711 citations

Equity Issues and Stock Price Dynamics

1990 • 695 citations

Common stock offerings across the business cycle

1993 • 659 citations

Analyst Following of Initial Public Offerings

1997 • 658 citations

Debt, Leases, Taxes, and the Endogeneity of Corporate Tax Status

1998 • 591 citations

THE DETERMINANTS OF CORPORATE LEVERAGE AND DIVIDEND POLICIES

1995 • 586 citations

Rational Capital Budgeting In An Irrational World

1996 • 584 citations

Dynamic Capital Structure under Managerial Entrenchment

1996 • 578 citations

Seasoned public offerings: resolution of the ‘new issues puzzle’

2000 • 560 citations

Corporate Behavior in Adjusting to Capital Structure and Dividend Targets: An Econometric Study

1984 • 551 citations

Dynamic Capital Structure Under Managerial Entrenchment

1995 • 516 citations

Is There a Window of Opportunity for Seasoned Equity Issuance?

1996 • 463 citations

A MODEL OF CORPORATE FINANCING DECISIONS

1977 • 446 citations

The Effect of Information Releases on the Pricing and Timing of Equity Issues

1991 • 431 citations

A Theory of Stock Price Responses to Alternative Corporate Cash Disbursement Methods: Stock Repurchases and Dividends

1987 • 429 citations

Is there a pecking order? Evidence from a panel of IPO firms

1996 • 355 citations

The Long-Run Performance of Initial Public Offerings,

1991 • 274 citations

Long-Term Performance of Seasoned Equity Offerings: Benchmark Errors and Biases in Expectations

2000 • 251 citations

Equity Issues with Time-Varying Asymmetric Information

1992 • 205 citations

Common stock offerings across the business cycle: Theory and evidence

1995 • 144 citations

Is the Market Surprised by Poor Earnings Realizations Following Seasoned Equity Offerings?

2001 • 97 citations

Statement by the editors

1993 • 14 citations

Deleted Work

1955 • 0 citations