Financial institutions, asymmetric information and capital structure adjustments
The Quarterly Review of Economics and Finance, 2020, vol. 77, issue C, 75-83
Capital structure studies of financial institutions have observed identical facts to those of non-financial corporations, especially in relation to capital structure adjustments (dynamic trade-off theory) and asymmetric information. This study examined data from 64 NYSE-listed financial corporations for 91 quarters through Johansen-Fisher panel cointegration model. The target capital structure was measured by the average D/E for the entire period and asymmetric information was measured by Corwin-Schultz´s S_2.
Keywords: Asymmetric information; Financial industry; Market microstructure; Financial management; Capital structure adjustments; Johansen-Fisher panel cointegration (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:quaeco:v:77:y:2020:i:c:p:75-83
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