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Cited by 3,672

The DOI matches its Crossref record; 7 of the 7 references it cites were found in a registry or an index.

Market Timing and Capital Structure

Open access
Baker, Malcolm, Wurgler, Jeffrey·2002·The Journal of Finance
DOI 10.1111/1540-6261.00414
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Abstract

It is well known that firms are more likely to issue equity when their market values are high, relative to book and past market values, and to repurchase equity when their market values are low. We document that the resulting effects on capital structure are very persistent. As a consequence, current capital structure is strongly related to historical market values. The results suggest the theory that capital structure is the cumulative outcome of past attempts to time the equity market.

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Cites

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Metadata

Authors
Baker, M., & Wurgler, J.
Venue
The Journal of Finance
Publisher
Wiley
Published
2002-02
Volume
57
Issue
1
Pages
1-32
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/1540-6261.00414
OpenAlex
W3124450204
Cited by
3,672
References
7
FWCI
225.58
Type
journal article
Language
en
Open access
green

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CoChat. (2026). Citation check: Market Timing and Capital Structure. https://app.cochat.ai/papers/10.1111/1540-6261.00414
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Baker, M., & Wurgler, J. (2002). Market Timing and Capital Structure. The Journal of Finance. https://doi.org/10.1111/1540-6261.00414

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.