报告主题：Institutional determinants of capital structure adjustment speeds

报告人：顾玲艳 张超

时间：2013年3月14日（星期四）13:30—16:00

地点：综合楼802会议室

参加者：学院青年教师、在读研究生

[内容提要] Many authors relate a firm’s performance to legal and political features and the regulatory environment in which it operates. This article compares firms’ capital structure adjustments across countries and investigates whether institutional differences help explain the variance in estimated adjustment speeds. We find that legal and financial traditions significantly correlate with firm adjustment speeds. More narrowly, institutional features also relate to adjustment speeds, consistent with the hypothesis that better institutions lower the transaction costs associated with adjusting a firm’s leverage. Such associations between institutional arrangements and leverage adjustment speeds are consistent with the dynamic trade-off theory of capital structure choice.