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dc.creatorBrennan, Michael J.
dc.creatorKraft, Holger
dc.date.accessioned2021-09-28T09:25:44Z
dc.date.available2021-09-28T09:25:44Z
dc.date.issued2016-12-29
dc.identifier.urihttps://fif.hebis.de/xmlui/handle/123456789/2220
dc.description.abstractWe offer evidence of a new stylized feature of corporate financing decisions: the tendency of managers to rely more on debt financing when earnings prospects are poor. We term this 'leaning against the wind' and consider three possible explanations: market timing, precautionary financing, and 'making the numbers'. We find no evidence in favor of the first two hypotheses, and provisionally accept the 'making the numbers' hypothesis that managers who are under pressure because of unrealistically optimistic earnings expectations by analysts and deteriorating real opportunities, will rely more heavily on debt financing to boost earnings per share and return on equity.
dc.rightsAttribution-ShareAlike 4.0 International
dc.rights.urihttp://creativecommons.org/licenses/by-sa/4.0/
dc.subjectFinancial Markets
dc.titleLeaning Against the Wind: Debt Financing in the Face of Adversity
dc.typeWorking Paper
dcterms.referenceshttps://fif.hebis.de/xmlui/handle/123456789/1366?CCM
dcterms.referenceshttps://fif.hebis.de/xmlui/handle/123456789/1433?IBES
dcterms.referenceshttps://fif.hebis.de/xmlui/handle/123456789/1376?Compustat
dc.source.filename119_SSRN-id2696886
dc.identifier.safeno119
dc.subject.keywordscapital structure
dc.subject.keywordsfinancing policy
dc.subject.keywordsmanagerial incentives
dc.subject.jelG12
dc.subject.jelG14
dc.subject.jelG32
dc.subject.topic1decide
dc.subject.topic1term
dc.subject.topic1epo
dc.subject.topic2return
dc.subject.topic2entrench
dc.subject.topic2future
dc.subject.topic3period
dc.subject.topic3debt
dc.subject.topic3market
dc.subject.topic1nameMonetary Policy
dc.subject.topic2nameCorporate Finance
dc.subject.topic3nameSaving and Borrowing
dc.identifier.doi10.2139/ssrn.2696886


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