Top Cited Articles of The Journal of Finance（07）

Top Cited Articles of The Journal of Finance（07）

金融经济学 前天

1、The Capital Structure Puzzle

The Journal of Finance, 1984, 39(3): 574-592

Stewart C. Myers, Sloan School of Management, MIT

Abstract

I do not want to sound too pessimistic or discouraged. We have accumulated many helpful insights into capital structure choice, starting with the most important one, MM's No Magic in Leverage Theorem (Proposition I) . We have thought long and hard about what these insights imply for optimal capital structure. Many of us have translated these theories, or stories, of optimal capital structure into more or less definite advice to managers. But our theories don't seem to explain actual financing behavior, and it seems presumptuous to advise firms on optimal capital structure when we are so far from explaining actual decisions. I have done more than my share of writing on optimal capital structure, so I take this opportunity to make amends, and to try to push research in some new directions.

原文链接：

https://onlinelibrary.wiley.com/doi/full/10.1111/j.1540-6261.1984.tb03646.x

2、What Do We Know About Capital Structure? Some Evidence From International Data

The Journal of Finance, 1995, 50(5): 1421-1460

Raghuram G. Rajan, University of Chicago

Luigi Zingales, University of Chicago

Abstract

We investigate the determinants of capital structure choice by analyzing the financing decisions of public firms in the major industrialized countries. At an aggregate level, firm leverage is fairly similar across the G-7 countries. We find that factors identified by previous studies as correlated in the cross-section with firm leverage in the United States, are similarly correlated in other countries as well. However, a deeper examination of the U.S. and foreign evidence suggests that the theoretical underpinnings of the observed correlations are still largely unresolved.

原文链接：

https://onlinelibrary.wiley.com/doi/full/10.1111/j.1540-6261.1995.tb05184.x

3、Investor Psychology and Security Market Under‐ and Overreactions

The Journal of Finance, 1988, 53(6): 1839-1885

Kent Daniel, Northwestern University

David Hirshleifer, University of Michigan

Avanidhar Subrahmanyam, University of California at Los Angeles

Abstract

We propose a theory of securities market under- and overreactions based on two well-known psychological biases: investor overconfidence about the precision of private information; and biased self-attribution, which causes asymmetric shifts in investors' confidence as a function of their investment outcomes. We show that overconfidence implies negative long-lag autocorrelations, excess volatility, and, when managerial actions are correlated with stock mispricing, public-event-based return predictability. Biased self-attribution adds positive short-lag autocorrelations ("momentum"), short-run earnings "drift," but negative correlation between future returns and long-term past stock market and accounting performrance. The theory also offers several untested implications and implications for corporate financial policy.

原文链接：

https://onlinelibrary.wiley.com/doi/full/10.1111/0022-1082.00077

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