Conglomerate structure and capital market timing

Chang, Xin, Hilary, Gilles, Shih, Chia Mei and Tam, Lewis H.K. 2010, Conglomerate structure and capital market timing, Financial management, vol. 39, no. 4, Winter, pp. 1307-1338, doi: 10.1111/j.1755-053X.2010.01114.x.

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Title Conglomerate structure and capital market timing
Author(s) Chang, XinORCID iD for Chang, Xin
Hilary, Gilles
Shih, Chia Mei
Tam, Lewis H.K.
Journal name Financial management
Volume number 39
Issue number 4
Season Winter
Start page 1307
End page 1338
Total pages 32
Publisher Wiley-Blackwell
Place of publication Hoboken, N.J.
Publication date 2010-12-06
ISSN 0046-3892
Summary We examine the effects of keiretsu structure on capital market-timing. Keiretsu groups offer a hybrid structure between fully integrated conglomerates and stand-alone firms. We find that past market conditions affect the capital structure of keiretsu firms more than they affect the capital structure of unaffiliated firms. The decision to issue equity is more correlated with market conditions for keiretsu members than it is for unaffiliated firms. The stock returns of keiretsu firms following the issuance of equity decrease with the size of the issuance. These results suggest that keiretsu members time the issuance of equity more so than stand-alone firms.
Language eng
DOI 10.1111/j.1755-053X.2010.01114.x
Field of Research 150205 Investment and Risk Management
1502 Banking, Finance And Investment
Socio Economic Objective 970115 Expanding Knowledge in Commerce
HERDC Research category C1.1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2010, Financial Management Association International
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Document type: Journal Article
Collections: Faculty of Business and Law
Department of Finance
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