Abstract:
Using the approach of Experimental Economics, we designing an experiment to study financing behavior in an anonymous market and test the pecking order theory and market timing theory. Results suggest that market timing theory predict people will behavior according to the market timing is supported while the pecking order theory only being supported in condition of no more than 50% wealth constraint. We also find financial behavior is a strategic behavior in which the degree of return volatility plays a role of moderation and the decision of investors play a partial mediation role.
李建标, 孙宾宾, 王鹏程. 财富约束、市场时机与融资行为的实验研究——优序融资和市场择时理论的行为元素提炼[J]. 金融研究, 2016, 431(5): 124-137.
LI Jianbiao, SUN Binbin, WANG Pengcheng. Wealth Constraint, Market Timing and Financing Behavior: Refinement of BehavioralElements from Pecking-Order and Market Timing Theory. Journal of Financial Research, 2016, 431(5): 124-137.
Baker, M., and J. Wurgler, 2002, “Market Timing and Capital Structure”,The journal of finance, 57(1),pp. 1~32.
[9]
Bartling B, E. Fehr and H. Herz, 2014, “The Intrinsic Value of Decision Rights”, Econometrica, 82(6): 2005~2039.
[10]
Bharath, S., T. P. Pasquariello and G. Wu, 2009, “Does Asymmetric Information Drive Capital Structure Decisions?”, Review of Financial Studies, 22(8): 3211~3243.
[11]
Bolton, P., 2013, “Corporate Finance, Incomplete Contracts, and Corporate Control”, Journal of Law, Economics, and Organization, ewt010.
[12]
D'Mello, R. and S.P. Ferris, 2000,“The Information Effects of Analyst Activity at The Announcement Of New Equity Issues”, Financial Management,pp.78~95.
[13]
Fischbacher, U. , 2007,“Z-Tree: Zurich Toolbox for Ready-Made Economic Experiments”, Experimental Economics, 10(2),pp. 171~178.
[14]
Frank, M. Z. , V. K. Goyal, 2003, “Testing the Pecking Order Theory of Capital Structure”, Journal of financial economics, 67(2),pp.217~248.
[15]
Holt, C. A., and S. K. Laury, 2002,“Risk Aversion and Incentive Effects”, American Economic Review, 92(5),pp.1644~1655.
[16]
Kahneman, D., and A .Tversky, 1978,“Prospect Theory: An Analysis of Decision Under Risk”, Econometrica: Journal of the Econometric Society, pp.263~291.
[17]
Myers, S. C., and N. S. Majluf, 1984,“Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have”, Journal of Financial Economics, 13(2),pp.187~221.
[18]
Myers , S. C., 2001,“Capital Structure”, Journal of Economic Perspectives, pp. 81~102.
[19]
Rajan, R. G. and L. Zingales, 1995,“What Do We Know about Capital Structure? Some Evidence from International Data”, The journal of Finance, 50(5),pp.1421~1460.
[20]
Shyam-Sunder, L., S. C. Myers, 1999,“Testing Static Tradeoff against Pecking Order Models of Capital structure”, Journal of Financial Economics, 51(2): 219~244.
