Carpentier, Cécile; Suret, Jean-Marc - Centre Interuniversitaire de Recherche en Analyse des … - 1999
constructed around the notion of target-ratio, a notion only recently put forward (Fama & French, 1997; Opler & Titman, 1996 … taht target-ratio considerations guide the strategies of French enterprises. All tests confirm that the ECARTS variable …, which represents the difference between the real indebtedness ratio at the beginning of a period and the target-ratio, is …
