Seize the moment: Opportunism in Australian capital markets

Koh, SzeKee, Durand, Robert B. and Watson, Iain (2011) Seize the moment: Opportunism in Australian capital markets. Pacific Basin Finance Journal, 19 4: 374-389. doi:10.1016/j.pacfin.2011.01.003

Author Koh, SzeKee
Durand, Robert B.
Watson, Iain
Title Seize the moment: Opportunism in Australian capital markets
Journal name Pacific Basin Finance Journal   Check publisher's open access policy
ISSN 0927-538X
Publication date 2011-09
Sub-type Article (original research)
DOI 10.1016/j.pacfin.2011.01.003
Volume 19
Issue 4
Start page 374
End page 389
Total pages 16
Place of publication Amsterdam, Netherlands
Publisher Elsevier
Collection year 2012
Language eng
Abstract This paper examines theories of capital structure using a dataset of listed Australian companies from 1993 to 2005. Companies appear to have target leverage but they take advantage of favorable firm characteristics to achieve these targets. Issuers issue debt when they are profitable. When firms are profitable and perform well in the market, they will issue both debt and equity.
Keyword Capital structure
Opportunistic behavior
Dynamic leverage behavior
Q-Index Code C1
Q-Index Status Confirmed Code
Institutional Status UQ

Document type: Journal Article
Sub-type: Article (original research)
Collections: Official 2012 Collection
UQ Business School Publications
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Created: Thu, 06 Oct 2011, 12:13:07 EST by Karen Morgan on behalf of UQ Business School