Understanding the Fed Model, Capital Structure, and Then Some

@article{Timmer2012UnderstandingTF,
  title={Understanding the Fed Model, Capital Structure, and Then Some},
  author={J. Timmer},
  journal={SPGMI: Compustat Fundamentals (Topic)},
  year={2012}
}
  • J. Timmer
  • Published 2012
  • Economics
  • SPGMI: Compustat Fundamentals (Topic)
Twenty years after the papers by Modigliani and Miller, the introduction in 1982 of SEC rule 10b-18 fundamentally changed the rules of corporate finance, by allowing public companies open-market repurchases of their own stock and making it easier to manipulate capital structure. We present a new ‘capital structure substitution’ theory that is based on one simple hypothesis: company managements manipulate capital structure such that earnings-per-share are maximized. The substitution theory is… Expand

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