Departmental Bulletin Paper A Survey on Market Timing in Corporate Finance

Huang, Yong

154pp.1 - 18 , 2016-03-31 , Kyushu Daigaku Daigakuin Keizaigakukai
This paper reviews the evolving literature on managerial market timing in capital markets. Many studies have attempted to investigate whether managers are able to successfully time the market in their financing decisions or not. Despite the wealth of studies, a full description of market timing research is still needed. Consequently, in this paper, we summarize market timing findings in terms of equity issues, repurchases and debt issues, as well as its impact on capital structure. We also recommend future research directions.

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