Verwijmeren, P.

deficit order pecking stock issue pecking order theory financing repurchase theory ratio debt capacity pecking order coefficient share model equity target offering capacity table coefficient sample fi rms decision surplus effect debt ratio leverage pecking order model security tradeoff theory capital price result journal investment period rating financing deficits value earning observation asset preference shares change financing surpluses issuer stock repurchases financing deficit stock repurchase choice target debt ratio tradeoff panel pecking order coefficients number market level percentage sample period structure firm-year finance return study promotor characteristic information chapter cash flows impact variable grade dividend increase design conversion evidence settlement management issue date