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1、EuropeanFinancialManagement,Vol.17,No.1,2011,46–99doi:10.1111/j.1468-036X.2010.00549.x‘Hot’DebtMarketsandCapitalStructureJohnA.DoukasSchoolofBusinessandPublicAdministration,OldDominionUniversity,Norfolk,VA23529-0218,USA,andJudgeBusinessSchool,UniversityofCambridge,CambridgeCB21AG,U.K
2、.E-mail:jdoukas@odu.eduJie(Michael)GuoDurhamBusinessSchool,UniversityofDurham,DH13LB,Durham,U.K.E-mail:jie.guo@durham.ac.ukBileiZhouBusinessSchool,CentralSouthUniversity,Changsha,410083,P.R.ChinaE-mail:bileizhou@msn.comAbstractThispaperexaminesthemotivesofdebtissuanceduringhot-debtma
3、rketperiodsanditsimpactoncapitalstructureovertheperiod1970–2006.Wefindthatperceivedcapitalmarketconditionsasfavourable,anindicationofmarkettiming,andadverseselectioncostsofequity(i.e.,informationasymmetry)areimportantfrictionsthatleadcertainfirmstoissuemoredebtinhot-thancold-debtmark
4、etperiods.Usingalternativehot-debtmarketissuancemeasuresandcontrollingforothereffects,suchasstructuralshiftsinthedebtmarket,industry,book-to-market,price-to-earnings,size,taxrates,debtmarketconditionsandadjustmentcostsbasedondebtcreditratings,wefindthatfirmswithhighadverseselectionco
5、stsissuesubstantiallymore(less)debtwhenmarketconditionsareperceivedashot(cold).Moreover,theresultsindicatethatthereisapersistenthot-debtmarketeffectonthecapitalstructureofdebtissuers;hot-debtmarketissuingfirmsdonotactivelyrebalancetheirleveragetostaywithinanoptimalcapitalstructureran
6、ge.Keywords:hotdebtmarkets,informationasymmetry,capitalstructure,markettimingJELclassification:G12,G14,G31,G32Wewouldliketothankananonymousreferee,RichardHeaneyandparticipantsatthe2009AnnualMeetingoftheEuropeanFinancialManagementAssociation(EFMA)forhelpfulcommentsandsuggestions.Weals
7、othankJunHuaforvaluableresearchassistance.Apreviousversionofthispaperwascirculatedunderthetitle‘TheImpactofDebtMarketIssuanceonCapitalStructure’.C2010BlackwellPublishingLtd‘Hot’DebtMarketsandCapitalStructure471.IntroductionEquitymarkettiminghasemergedasoneoftheprimaryfactorsthatshap
8、ecorporateca
