Capital structure and abnormal returns

被引：21

作者：

Muradoglu, Yaz Gulnur ^{[2
]}

Sivaprasad, Sheeja ^{[1
]}

机构：

[1] Univ Westminster, Westminster Business Sch, Dept Finance & Business Law, London NW1 5L5, England

[2] Fac Finance, Cass Business Sch, London EC1Y 8TZ, England

来源：

INTERNATIONAL BUSINESS REVIEW | 2012年 / 21卷 / 03期

关键词：

Abnormal returns; Capital structure; Gearing; Industry; STOCK RETURNS; CROSS-SECTION; INDUSTRY; LEVERAGE; RISK; PROFITABILITY; COST;

D O I：

10.1016/j.ibusrev.2011.03.007

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper examines the relation between capital structure and abnormal returns for UK equities. A firm's industry matters when examining this relation. Abnormal returns decline in firm gearing, however, abnormal returns increase as the average industry gearing in a risk class increases. Separating the average level of external financing in an industry from that in a particular firm is important. This study focuses on industry characteristics. Firms in nonregulated and competitive industries with low concentration ratios exhibit this behavior. In contrast, in the utilities risk class, abnormal returns increase in firm gearing which is similar to the findings of Modigliani and Miller (1958) which was unique to the utilities sector. (c) 2011 Elsevier Ltd. All rights reserved.

引用

页码：328 / 341

页数：14

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