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Does Market Timing Drive Capital Structure? Empirical Evidence from an Emerging Market

Year 2013, Volume: 3 Issue: 1, 140 - 152, 01.03.2013

Abstract

The purpose of this study is to test how equity market timing affects capital structure from the perspective of IPO (Initial Public Offering) event in ISE for the period between 1999-2008. Our dataset comprises of all firms (75 firms) that went public from the period of January 1999 to December 2008 in Turkey that are available in ISE database. We analyse the market timing theory by applying cross sectional regression method. For this purpose, first, we test the impact of market timing on the amount of equity issued by IPO firms. Second we examine the impact of market timing on capital structure. We conclude that market timing theory is not valid for Turkey.

Year 2013, Volume: 3 Issue: 1, 140 - 152, 01.03.2013

Abstract

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Details

Other ID JA66YV56FJ
Journal Section Research Article
Authors

Sibel Çelik This is me

Yasemin Deniz Akarim This is me

Publication Date March 1, 2013
Published in Issue Year 2013 Volume: 3 Issue: 1

Cite

APA Çelik, S., & Akarim, Y. D. (2013). Does Market Timing Drive Capital Structure? Empirical Evidence from an Emerging Market. International Journal of Economics and Financial Issues, 3(1), 140-152.
AMA Çelik S, Akarim YD. Does Market Timing Drive Capital Structure? Empirical Evidence from an Emerging Market. IJEFI. March 2013;3(1):140-152.
Chicago Çelik, Sibel, and Yasemin Deniz Akarim. “Does Market Timing Drive Capital Structure? Empirical Evidence from an Emerging Market”. International Journal of Economics and Financial Issues 3, no. 1 (March 2013): 140-52.
EndNote Çelik S, Akarim YD (March 1, 2013) Does Market Timing Drive Capital Structure? Empirical Evidence from an Emerging Market. International Journal of Economics and Financial Issues 3 1 140–152.
IEEE S. Çelik and Y. D. Akarim, “Does Market Timing Drive Capital Structure? Empirical Evidence from an Emerging Market”, IJEFI, vol. 3, no. 1, pp. 140–152, 2013.
ISNAD Çelik, Sibel - Akarim, Yasemin Deniz. “Does Market Timing Drive Capital Structure? Empirical Evidence from an Emerging Market”. International Journal of Economics and Financial Issues 3/1 (March 2013), 140-152.
JAMA Çelik S, Akarim YD. Does Market Timing Drive Capital Structure? Empirical Evidence from an Emerging Market. IJEFI. 2013;3:140–152.
MLA Çelik, Sibel and Yasemin Deniz Akarim. “Does Market Timing Drive Capital Structure? Empirical Evidence from an Emerging Market”. International Journal of Economics and Financial Issues, vol. 3, no. 1, 2013, pp. 140-52.
Vancouver Çelik S, Akarim YD. Does Market Timing Drive Capital Structure? Empirical Evidence from an Emerging Market. IJEFI. 2013;3(1):140-52.