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Showing 1 to 2 of 2 for “"leverage deviation"”.
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Three essays on corporate default prediction : special reference to corporate governance, default correlation and capital structure dynamics
… than non-default firms. The completion of leverage adjustment takes multiple periods. The marginal speed of adjustment accelerates from the beginning period to the end period, which is consistent with the anchoring and adjustment bias heuristic. The empirical results are robust using a …
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Determinants of corporate leverage adjustments: A cross-country analysis
… that firms are very likely to consider target leverage ratios when they issue new capital (Graham & Harvey, 2001). Albeit the dynamic trade-off theory predicts that firms have incentives to move toward target debt ratios by reducing any deviation from those targets (Frank & Goyal, 2009), due to …