英文标题：
《Capital Structure and Speed of Adjustment in U.S. Firms. A Comparative
Study in Microeconomic and Macroeconomic Conditions - A Quantille Regression
Approach》
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作者：
Andreas Kaloudis, Dimitrios Tsolis
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最新提交年份：
2018
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英文摘要：
The major perspective of this paper is to provide more evidence regarding how \"quickly\", in different macroeconomic states, companies adjust their capital structure to their leverage targets. This study extends the empirical research on the topic of capital structure by focusing on a quantile regression method to investigate the behavior of firm-specific characteristics and macroeconomic factors across all quantiles of distribution of leverage (book leverage and market leverage). Therefore, depending on a partial adjustment model, we find that the adjustment speed fluctuated in different stages of book versus market leverage. Furthermore, while macroeconomic states change, we detect clear differentiations of the contribution and the effects of the firm-specific and the macroeconomic variables between market leverage and book leverage debt ratios. Consequently, we deduce that across different macroeconomic states the nature and maturity of borrowing influence the persistence and endurance of the relation between determinants and borrowing.
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中文摘要：
本文的主要观点是提供更多证据，说明在不同的宏观经济状态下，公司如何“快速”调整资本结构以达到杠杆目标。本研究扩展了资本结构主题的实证研究，重点放在分位数回归方法上，以调查公司特定特征和宏观经济因素在杠杆分布的所有分位数（账面杠杆和市场杠杆）上的行为。因此，根据部分调整模型，我们发现调整速度在账面杠杆与市场杠杆的不同阶段波动。此外，当宏观经济状态发生变化时，我们发现市场杠杆率和账面杠杆债务比率之间的贡献和企业特定和宏观经济变量的影响存在明显差异。因此，我们推断，在不同的宏观经济状态下，借款的性质和期限会影响决定因素与借款之间关系的持续性和持久性。
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分类信息：

一级分类：Economics 经济学
二级分类：Econometrics 计量经济学
分类描述：Econometric Theory, Micro-Econometrics, Macro-Econometrics, Empirical Content of Economic Relations discovered via New Methods, Methodological Aspects of the Application of Statistical Inference to Economic Data.
计量经济学理论，微观计量经济学，宏观计量经济学，通过新方法发现的经济关系的实证内容，统计推论应用于经济数据的方法论方面。
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一级分类：Economics 经济学
二级分类：General Economics 一般经济学
分类描述：General methodological, applied, and empirical contributions to economics.
对经济学的一般方法、应用和经验贡献。
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一级分类：Quantitative Finance 数量金融学
二级分类：Economics 经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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